##ernable progress ( although we can increase the pace ) ; we are in the process of modernising the payments system. we have now electronically automated the clearing house, and this has reduced the cheque clearing period to only a few days. the objective is to reduce the clearing period further to one day when the cheque imaging and truncation technology is in place. furthermore, large value payments ( that is, those in excess of half a million pula ) are made electronically, in this way benefiting government and large corporations, given improved speed and security, as the risk of fraud is reduced. the real time gross settlement system has also been in operation for a good number of years ( at least 7 years ). a platform of visa international called visanet provides a national net settlement service for all participating banks. internet banking, using a desktop computer, is complimented by mobile phone transactions for paying utility bills, money transfers and managing bank accounts. many pensioners and beneficiaries of government social security programmes are able to access their entitlements through smart card technology that is operated by local shops and businesses, irrespective of their place of abode. as a result of these ict - driven infrastructure improvements, people located in areas far away from developed parts of the country now have access to financial services. the time saved in long distance travel to go to banks and / or pay bills is significant. more broadly, the much needed financial inclusion is being facilitated by affording and extending basic services of money transfer, payments and safe - keeping to those living in all but the most remote communities. this is most important in our society where the extended family remains of central importance. it is particularly gratifying for those of us with long enough memories to recall the effort that was previously required to effect even the most basic transaction from such locations. cross - border payments have also been facilitated. in the sadc region, the payments integration project is well underway, and the sadc integration regional electronic settlement system ( siress for short ) is expected to be commissioned later this year. just as for infrastructure for domestic financial transactions, the prerequisite for effective cross - border payment systems is that they must be safe and secure. to echo the sentiments made by the honourable minister yesterday, this means an effective legal and regulatory framework is indispensible in each jurisdiction, in order to satisfy the much needed legal legitimacy of electronic signatures, as well as other identification and evidential information. bis

governance. the overarching theme in our discussions all through this week must be about people. we must constantly ask ourselves, what are their needs? how does technology and innovation meet these needs? most importantly, how do we place people at the centre? in closing, let me once again reiterate what a privilege it is for cbk to be hosting you. the journey of building back better cannot be undertaken alone. platforms such as the nairobi online city provide opportunities for many more of us to come together. let us walk together, as we collectively work towards restoring the lives, livelihoods and dignity of our citizens. it is now my distinct honour and pleasure to declare the afro - asia fintech festival nairobi online city officially opened. i wish you all a fruitful virtual journey as you traverse the world over the next three days. thank you!