New CBK system to identify bank clients

President Uhuru Kenyatta gets a feel of the Dot Braille watch that helps the visually impaired access M-Pesa services in braille as Chief Officer, Financial Services at Safaricom Sitoyo Lopokoiyit explains its features at the opening of the two-day Afro-Asian Fintech Festival in Nairobi on Monday. [Courtesy]

The Central Bank of Kenya (CBK) is set to develop a new system that will enable financial service providers to identify their customers electronically.

CBK and the Monetary Authority of Singapore (MAS) on Monday signed a Memorandum of Understanding to co-develop infrastructure on identity, data and electronic Know-Your-Customer (KYC) procedures. The new system is expected to offer an efficient and more credible way for banks and other service providers to identify their customers.