NAIROBI, Kenya, Sep 29 – Former Central Bank of Kenya (CBK) Governor Patrick Njoroge wants mobile money users to receive a share of income generated from funds held in trust, in a proposal that could change how payment providers distribute returns from billions of shillings held on behalf of customers.
Njoroge has proposed amendments to payment laws and regulations requiring payment service providers (PSPs) to make “bonus payouts” to wallet holders from income earned on customer funds held in trust, after deducting the costs of administering the trust.
“Payment Service Providers to make ‘bonus payouts’ to wallet holders from income earned on customer funds held in trust, after deducting operating costs of the trust.”
He also proposed that the next-generation payments ecosystem should require stronger identity systems and greater control over the use of customer data.
“The next-generation payments ecosystem requires identity modernization, and consumer data shall be shared only with the explicit, informed, and revocable consent of the customer.”
The proposals are contained in Njoroge’s comments on the draft National Payment System Policy, August 2026, submitted on September 28 as Kenya moves to overhaul the regulatory framework governing digital payments.
Customer funds held in trust are safeguarded separately from payment providers’ own money.
Njoroge’s proposal would introduce a mechanism for sharing part of the income generated from those funds with wallet holders whose balances form the underlying pool, after the costs of running the trust have been covered.
The former CBK governor did not specify how the payouts should be calculated, how frequently they should be made or what proportion of the income should accrue to customers.
The proposal comes as Kenya seeks to strengthen competition and consumer protection in a payments market dominated by established platforms and shaped by strong network effects.
Njoroge said the new policy should establish clearer principles to guide future decisions on competition, interoperability, instant payments, infrastructure and market structure.
He also questioned the potential role of the government as a direct participant in the payments market, given its interests in Safaricom, Telkom Kenya and KCB Group.
While he said a government-owned entity could operate a platform for public services, he cautioned against the State positioning itself as a direct competitor to private payment providers.
Njoroge also identified fraud, affordability and data privacy as key consumer concerns, while highlighting poor rural connectivity, limited identification and the cost of mobile devices and services as barriers to wider financial inclusion.
The proposals are expected to inform discussions on the draft National Payment System Bill, 2026, which will provide the legislative framework for the new payments policy.
