The Central Bank of the UAE and the Central Bank of Kenya have signed two Memoranda of Understanding establishing cooperation to support the use of local currencies for settling cross-border transactions and to pursue interlinking of their payment and messaging systems. One MoU focuses on strengthening bilateral cooperation to support the sustainable development of both financial markets and encourage local-currency settlement of cross-border commercial transactions. The second MoU covers payment systems cooperation, including exploring the interconnection of instant payment systems and national card switches, in line with applicable regulatory and supervisory frameworks.
Central Bank of the UAE 2025-06-03
Central Bank of the UAE and Central Bank of Kenya sign MoUs to expand local currency settlement and interlink payment and messaging systems
The Central Bank of the UAE and the Central Bank of Kenya have signed two Memoranda of Understanding to enhance cooperation in local currency settlements for cross-border transactions and interlink their payment and messaging systems. The agreements aim to support sustainable financial market development and explore the interconnection of instant payment systems and national card switches.