Former Central Bank of Kenya (CBK) Governor Patrick Njoroge has proposed a new benefit for mobile money customers in Kenya. In his comments on the Draft National Payment System Policy, Njoroge suggests that payment service providers (PSPs) introduce regular "bonus payouts" for customers using earnings made from funds held in trust on their behalf. This proposal aims to reshape the rules governing Kenya's payments sector.
The current arrangement requires PSPs to place customer funds in a trust and maintain balances equal to the amount owed to wallet holders. These funds may be held in licensed commercial banks or invested in government securities. The income generated by the trust is handled according to trust law and in consultation with CBK, and the proceeds are donated to a public charitable organisation for public charitable purposes.
Njoroge's proposal comes against the backdrop of findings from a 2024 GSMA study that examined mobile money systems in 10 countries. The study found that trust or float accounts generally earn interest. Kenya and Paraguay were identified as the two markets where regulations specifically bar the distribution of float interest to customers while also providing rules on how the income should be used.
The potential value of Njoroge's proposed system is linked to the size of Kenya's mobile money market. According to CBK data for July 2026, the country had 94.35 million registered mobile money accounts and 575,400 active agents. The volume of transactions was also high, with cash deposited and withdrawn through mobile money agents reaching Sh728.7 billion during the month.
Njoroge's proposal also includes suggestions for improving the mobile money system. He proposes that customers should not be restricted to their own PSP when accessing mobile money agents. Under his proposal, users should be able to cash in or cash out through agents regardless of the PSP with which they hold their wallet.
The proposed policy covers areas including interoperability, instant payments, open finance, cybersecurity, consumer protection and competition. It proposes the establishment of a national instant payment switch and open API standards, alongside tougher cybersecurity measures and new systems for handling consumer complaints, disputes and liability arising from fraud.
The proposals are now open to public input as Treasury and CBK move ahead with the proposed changes. The two institutions invited comments on the draft policy and Bill last week, with the deadline for submissions set for October 9, 2026. Njoroge's recommendations include requiring customers to give clear and revocable consent before their personal information is shared, as well as putting safeguards in place to prevent discriminatory practices by vertically integrated groups.
Key points
- Former CBK governor Patrick Njoroge proposes mobile money customers receive a share of income generated from their funds.
- The proposal aims to reshape the rules governing Kenya's payments sector.
- The proposed policy covers areas including interoperability, instant payments, and consumer protection.
