Open Banking in Kenya

Kenya's open banking development builds on its pioneering mobile money ecosystem, centered around M-Pesa, which has transformed financial inclusion across East Africa. The Central Bank of Kenya (CBK) is developing a formal open banking framework that aims to standardize API-based data sharing across banks, mobile money operators, and fintechs.

Kenya already has significant market-driven data sharing through M-Pesa APIs and bank-fintech partnerships. The formal framework aims to standardize these practices, establish consumer consent mechanisms, and ensure data protection. The integration of mobile money with traditional banking is a distinctive feature.

Kenya's vibrant fintech ecosystem, including companies like Safaricom, Equity Bank, and various startups, provides a strong foundation. However, lower internet penetration (40%) compared to developed markets means the framework must accommodate mobile-first and USSD-based access patterns alongside API-based services.