IWB opens regional settlement hub in Nairobi

International Wire Bank today opened its fourth regional settlement hub in Nairobi, Kenya. The hub will process transfers for government treasuries, central banks and public agencies across East and Central Africa.

Until now, many transfers in the region were routed through correspondent banks in Europe, adding one to three business days and several intermediary fees. With the Nairobi hub, payments between participating institutions settle on the same day in local and major reserve currencies.

"Predictable settlement is a basic requirement for public finance," said Amara Okonkwo, Chief Operating Officer. "A ministry paying a supplier in a neighbouring country should not have to wait three days to learn whether the funds arrived."

The hub is staffed around the clock and operates under the supervision of the IWB Board of Governors. Twenty-three institutions have signed participation agreements, and onboarding of additional members will continue through the first half of 2027.