Inside New Bill Set to Change How Kenyans Share Financial Data

A new Bill published on September 21, 2026, could change how Kenyans share financial data with licensed third parties while also making it easier for different payment systems to interact.

The National Treasury, in collaboration with the Central Bank of Kenya (CBK), published the draft National Payment System Bill, 2026, alongside the draft National Payment System Policy and opened both proposals for public participation.

Together, the proposals seek to establish a new legal and policy framework for Kenya’s payment system.

The Bill also proposes to repeal the National Payment System Act, Cap. 491A, if Parliament enacts the new legislation.

How Customers Could Share Financial Data

Under the proposed open-finance framework, customers could give licensed third parties permission to access and use information held by payment service providers or payment system operators.

The Bill defines open finance as “access, with the permission of a customer, by a third party to, and use of, the customer’s data.”

Additionally, the proposed legislation requires payment service providers and payment system operators to use systems capable of securely sharing customer financial data with third parties for open-finance purposes.

However, the framework ties third-party access to customer permission.

The Bill provides that the Central Bank can require a payment service provider or payment system operator to establish a mechanism for sharing customer data with a third party after obtaining the customer’s consent.

As a result, customers could authorize licensed third parties to access their financial data for services covered by the proposed open-finance framework.

For example, the Bill recognizes account information services that can provide consolidated information from payment accounts held with different payment service providers.

It also provides for payment initiation services that allow users to initiate online payments without directly interacting with their bank or financial services provider.

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Bill Seeks to Connect Payment Platforms

Beyond data sharing, the proposed legislation also targets interoperability between payment service providers and payment system operators.

“They shall use systems that are interoperable with the systems used by other payment service providers and payment system operators,” the Bill states.

Furthermore, CBK could require payment service providers or payment system operators to enter into interoperability arrangements with other providers, operators and their agents.

Consequently, the proposal could allow participants in different payment systems to interact more easily, supporting transactions across platforms without requiring users to participate in multiple systems.

It defines interoperability as enabling participants in different systems to execute, clear, and settle payments or financial transactions across systems.

What Treasury and CBK Say About the Changes

Meanwhile, the draft policy sets out the broader objective of the reforms.

The official public notice says the policy aims to establish a “modern, safe, secure, efficient, affordable, accessible and inclusive national payment system.”

The two institutions say the policy would support seamless interoperability, financial inclusion, innovation, economic growth and Kenya’s integration into regional and global payment systems.

Meanwhile, the Bill also seeks to promote market integrity, innovation and competition while strengthening financial inclusion, public confidence, financial stability, consumer protection and data protection.

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Public Participation Underway

At this stage, the proposals remain drafts and have not become law. The National Treasury and CBK have invited members of the public to submit comments, inputs or memoranda on the Bill and policy.

Members of the public must submit their views to CBK by Friday, October 9, 2026, as the institutions will also hold public participation forums across the country from September 28 to October 9.

During the consultations, forums will take place in Mombasa, Kisii, Kitui, Kisumu, Nyeri, Kitale, Meru, Nandi, Garissa, Nakuru and Nairobi, with each venue covering several counties.

According to the official notice, the proposed Bill would repeal the National Payment System Act, Cap. 491A, if enacted.

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The National Assembly in session. PHOTO/ The Star.