(i) The Oversight section is charged with the responsibility of promoting the objectives of safety and efficiency of payment systems by monitoring existing and planned systems, assessing them against these objectives and, where necessary, inducing change.

(ii) The section supports the Bank’s overall objective of financial sector stability by promoting safety and efficiency through monitoring existing and planned payment and settlement systems, assessing them against the above objective and where necessary, inducing change. The section executes this function through the payment system monitoring and payment system risk assessment units. Payment system monitoring conducts data collection summaries analysis and creation of statistical database on payment systems. Risk assessments involve risk identification, monitoring and suggesting strategies and mechanisms to mitigate.

Aims

In executing its duties, the division aspires to: -

(i) Promote Safety and Efficiency of Kenya’s Payments System to ensure the soundness of the National Payment System and hence financial system stability

(ii) Prevent Market abuse by ensuring anti-trust tendencies are minimized

(iii) Ensure conditions of fairness, equity and transparency in payment systems - the rights and obligations of parties to funds transfers are allocated in an equitable manner to ensure level field for all payment system participants

(iv) Promote extension of payment Services nationally, regionally and internationally

(v) Protect payment systems from criminal abuse such as money laundering and fraud

(vi) Address risks that could jeopardize the soundness of the payment system by promoting risk reduction measures.

(vii) Reduce and contain the systemic risks inherent in the national payment system

(viii) Keep abreast with international development in payment system oversight and payment systems in general

(ix) Monitor the exposures in the NPS

Download the Oversight Policy