Shared payment systems firm Kenswitch has said it will offer a common marine insurance platform for stakeholders so that they do not invest in individual units as new rules come into force. The hosted marine cargo insurance certificate issuance and payments platform comes as the January 1, 2017 deadline to implement the local insurance for import looms.

The East African Community Secretariat (EAC) through its Financial Sector Development and Regionalization Project I (FSDRP I), recently launched a regional switch initiative that saw four switches integrate to facilitate payments across East Africa based on cards.

Kenswitch has partnered with a local IT company to roll out chip and PIN debit cards to support banks migrate to the new secure platform. The move will hasten adoption of the more secured cards from the fraud-prone magnetic stripe cards currently in the Kenyan market.

A cashless society simply put refers to exactly that, no paper or coins- everything is electronic. Payments and transactions go digital thus making currency notes and coins a thing of the past.

The world is witnessing an unprecedented technological revolution as consumers adopt more sophisticated lifestyles with the changing times. The financial services sector, in particular, continues to leverage on cost-effective technological advancement to facilitate the delivery of accessible, affordable and safer financial services to Kenyans.