[File,Standard]The High Court has stopped the Central Bank of Kenya (CBK) from migrating all banks to a foreign-owned Society for Worldwide Interbank Financial Telecommunications (SWIFT) connectivity platform. CBK is said to have called a meeting on May 31, which would have culminated in an alternative SWIFT platform with banks terminating their contracts with Kenya Commerce Exchange Bureau. However, the firm noted that CBK failed to back up its claims that the use of third party SWIFT was prone to disruptions. The ICT firm noted that it has been the third party providing SWIFT services in Kenya since 2002 and provides services for 27 banks, which contribute to 23 per cent of its business. The firm argued that CBK’s circular dated May 17, 2021, directed the banks to connect directly to the SWIFT platform.

Source: Standard Digital July 26, 2021 19:41 UTC