The lobbying, aimed directly at President William Ruto, shows the level of interest Kenya’s financial infrastructure upgrade is receiving lately.

In a letter seen by Techeconomy, Ceva formally requested a meeting with Ruto, proposing to introduce NIBSS as a strategic partner for the project. 

The letter, signed by Ceva’s Managing Director, Yatin Mehta, suggested holding the meeting on 20th or 21st March 2025. “We are writing to formally request a meeting with you at your earliest convenience,” the letter stated. “The purpose of the meeting is to introduce our partner, the Nigerian Interbank Settlement Systems (NIBSS).”

The proposed meeting, including NIBSS CEO Premier Oiwoh, head of Partnerships Yvonne Ige, and Mehta himself, also expected David Kiprono, director of Webmasters Kenya Ltd—the company behind the development of Kenya’s e-Citizen platform.

NIBSS, owned by the Central Bank of Nigeria (CBN) alongside commercial banks, is the backbone of Nigeria’s financial transactions. Ceva, an international payments firm operating in India, Nigeria, Kenya, and Brazil, claims to process $40 billion annually. Their pitch? A solid system designed for Africa, by Africa.

“Our robust infrastructure is developed in Africa, for Africa,” Ceva wrote in its letter. “AfriGo is NIBSS’ answer to Africa having its own card processing, driving our economic independence and efficiency. India has done it with Rupay, China has done it with UnionPay, UAE has done it with Jaywan, Brazil has done it with PIX.”

The bid, however, is being resisted. Local financial heavyweights, including mobile money giant Safaricom and the Kenya Bankers Association (KBA), argue that instead of building a new FPS from scratch, the government should upgrade the existing PesaLink system. 

According to them, a fresh system could cost up to $200 million and take four years to complete, whereas improving PesaLink—a platform handling $8.5 billion annually—would be faster and cheaper.

The Central Bank of Kenya (CBK) has yet to decide on the FPS upgrade, but the competing interests show the high stakes. While NIBSS and Ceva see an opportunity to boost Kenya’s payment sector, others warn of potential disruptions and unnecessary costs.

For now, the ball is in CBK’s court. If the Nigerian-backed proposal gains traction, it could completely change digital transactions in Kenya, enhancing interoperability across banks, SACCOS, mobile money operators like M-Pesa, and fintech firms. 

But if Safaricom and the KBA succeed in their counter-lobbying, Kenya may opt for an upgrade rather than a full-scale overhaul.

The bill, which proposed changes to taxation, government spending, and economic policies, caused widespread protests across Kenya.

Various sectors, including civil society organizations, business leaders, and ordinary citizens, voiced their negations about the bill’s potential impact on the cost of living, small businesses, and the overall economy. 

Over the past weeks, protests erupted nationwide, with citizens taking to the streets, organizing social media campaigns, signing petitions, and holding rallies to urge President Ruto to reconsider the bill.

In a televised address, President Ruto acknowledged the widespread public discontent and announced that he would not sign the bill. “The people have spoken, and their voices cannot be ignored. It is our duty to ensure that any legislation reflects their aspirations,” Ruto stated. 

He emphasized the need for the government to prioritize the well-being of its citizens and respond to their concerns.

Following President Ruto’s announcement, parliamentary leaders confirmed the withdrawal of the 2024 Finance Bill. The bill will not become law, and existing financial regulations will remain in effect until further discussions and consultations take place.

The decision to withdraw the bill opens the door for renewed discussions among lawmakers, economists, and representatives from various sectors. These stakeholders will engage in dialogue to address Kenya’s fiscal challenges while considering the public’s concerns. 

President Ruto also mentioned initiating a dialogue with Kenyan youth and implementing austerity measures, including cuts to the presidential budget, to manage the country’s finances without imposing undue burdens on citizens.

The protests against the bill had escalated into a political crisis, the most serious in President Ruto’s two-year tenure. 

Police actions to disperse rallies resulted in dozens of reported deaths and numerous injuries. In response, activists have called for new peaceful protests to honor those who were killed. 

Hanifa Adan, a known organizer, urged demonstrators to return to the streets peacefully, wearing white in remembrance of the fallen.

The withdrawal of the 2024 Finance Bill is seen as a major victory for the protest movement, which changed from online protests into mass rallies demanding political change.