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With over 354 fintech companies across numerous sectors, Kenya’s fintech landscape is a force to be reckoned with, which is also Africa’s largest and most established fintech ecosystems. The country left the whole region behind when in just the first 3 months of 2022 it garnered a record high VC funding of $482million.
Spearheading as the most technologically advanced country in the continent, Kenya has earned the title of “Silicon Savannah” which also correlates to the fact that 94% Kenyans are mobile money users. Even the Central Bank of Kenya has joined the bandwagon and launched its “National Payments Strategy 2022 – 2025” to encourage innovations in the payments system. It’s no surprise that MNCs in the fintech space are making huge investments in the country, thereby boosting foreign direct investment as well.
To provide a common platform for the burgeoning FSI & Tech community, Tradepass is hosting World Financial Innovation Series (WFIS) in Nairobi, Kenya on 24 – 25 May 2023. The event will host over 350 technology and business heads from the leading Banks, Insurance & Micro-Finance institutions across the country.
WHY KENYA
At a time when the country is leveraging inexpensive, accessible tech to mobilize consumers, fintech has emerged has most formidable weapon for boosting Kenya’s digital economy. The country also has its own economic development strategy called ‘Kenya Vision 2030’ that aims to transform the life of its citizens.
In a bid to further spur fintech’s growth, the government has disclosed its plan to manufacture the most affordable smartphone in Africa that will cost just 5,000 Kenyan Shillings. This exemplary move came after Kenyans made a record 1.9 trillion mobile money transactions during the first 11 months of 2021 that was worth more than $55 billion.
