CREDIT BANK ASKS CBK TO GREENLIGHT STABLECOIN PILOT

Kenya's Credit Bank PLC has formally requested approval from the Central Bank of Kenya (CBK) to pilot crypto-based cross-border payments, in what could become one of the first practical tests of the country's new digital asset regulatory framework.

The initiative centres on a partnership with Anzens, issuer of USDA, a dollar-backed stablecoin. Under the proposed model, Credit Bank customers would convert Kenyan shillings or US dollars into USDA directly from their bank accounts and settle international payments at a flat 1.5% fee. If approved, Credit Bank would become one of the first licensed commercial banks in an emerging market to mint, redeem and distribute a stablecoin through its own services.

Cutting Remittance Costs in Sub-Saharan Africa

The cost advantage is significant. The World Bank estimates average remittance costs at 6.45% globally, rising to nearly 8% across Sub-Saharan African corridors. Traditional SWIFT-based correspondent banking often routes transactions through three to five intermediary banks, adding fees and delays of up to five working days. Kenya's diaspora remittances hit a record $5 billion in 2024, overtaking tea and horticulture as a top source of foreign exchange — yet the infrastructure supporting those flows has lagged behind demand.

Credit Bank would act as custodian for both fiat and the stablecoin, keeping the full conversion cycle inside a licensed banking environment. Anzens CEO Shantnoo Saxsena has said the pilot is designed to "build confidence with regulators before a broader commercial rollout." Credit Bank CEO Betty Korir has described stablecoins in this context not as speculative instruments but as settlement infrastructure capable of moving value across borders in minutes.

The collaboration also extends into tokenized real-world assets. Yeshara Tokens, operating under a regulatory sandbox approved by Kenya's Capital Markets Authority (CMA), is working alongside Anzens and Credit Bank to enable USDA as a payment option for tokenized real estate and commodities.

Testing Kenya's New Crypto Framework

The timing is notable. Kenya's Virtual Asset Service Providers Act, passed by parliament in October 2025 and effective from November 2025, gave the CBK and CMA formal authority over licensing and supervision of virtual asset service providers, including stablecoin issuers. However, the National Treasury is still developing implementing regulations, and no VASPs have yet been licensed under the new law. Credit Bank's request represents one of the earliest real-world applications of the framework.

Anzens says its USDA stablecoin is fully backed by US dollars and treasuries, with custody through BitGo Trust. The company's payment network spans more than 80 countries and 41 currencies, and it is dual-licensed in Lithuania and Dubai. The Kenya pilot will initially target corporate clients before any broader commercial rollout.

The initiative arrives as stablecoin adoption accelerates across the continent. Kenyans processed $3.3 billion in stablecoin transactions in the year to June 2024, while stablecoins now account for 43% of all crypto transactions in Africa, driven by currency volatility, inflation and high cross-border payment costs.

Sources:

Bitcoin.com — Credit Bank PLC Partners With Anzens to Pilot USDA Stablecoin in Kenya

CNBC Africa — Revolutionising East African Payments: Anzens & Credit Bank Stablecoin Partnership

Capital FM — CBK Says VASP Licensing to Begin After Regulations

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