Nairobi, May 28 -- Stanbic Bank Kenya has been tapped to process payments to coffee farmers, joining Co-operative Bank of Kenya, which had been the sole Direct Settlement System Provider (DSS) for the Nairobi Coffee Exchange (NCE) since August 2023.

The Capital Markets Authority (CMA) on Thursday approved the appointment of Stanbic as the second DSS provider, putting it in a strong position to benefit from increased deposits, higher payment volumes and improved customer relationships in a sector that has long been a major foreign exchange earner for Kenya.

The CMA also granted two additional coffee broker licences to Ahadi Coffee Limited and Cafforra Coffee Company Limited in a move aimed at increasing competition and efficiency in the ...