Browsing: Fintech in Kenya

• McKinsey report found that fintech in Africa is the fastest-growing startup industry, raising over US$1.3 billion in 2021
• The industry is being supported by several trends, including smartphone ownership, declining internet costs, and a young, fast-growing, and rapidly urbanising population
• Cash is still used in around 90% of transactions in Africa, which means that fintech revenues have huge potential to grow
• The top challenges that fintech may face include reaching scale and profitability, navigating an uncertain regulatory environment, managing scarcity, and building robust corporate governance foundations

A new finding named fintech in Africa as the fastest-growing startup industry, raising over US$1.3 billion in 2021.

McKinsey & Company found that the industry is being supported by several trends, including smartphone ownership, declining internet costs, expanded network coverage, and a young, fast-growing, and rapidly urbanizing population. Further, the COVID-19 pandemic has also accelerated existing trends toward digitalization and created a fertile environment …

Nairobi is the leading Fintech ecosystem city in Africa according to the 2021 Global Fintech Rankings published on 8^th July 2021 in which it jumped 26 places to the 37^th position globally beating both Lagos and Accra[1]. Kenya’s President, His Excellency Uhuru Kenya stated at a UK summit that “Nairobi International Financial Centre (NIFC) has come of age to be the leading financial hub on the continent”[2]. Kenya is making a major incursion to position itself as the financial hub of Africa on the back of its fintech advantage as President Uhuru Kenyatta signed a $184 million deal with Dominic Raab, Secretary of State for Foreign, Commonwealth and Development Affairs and First Secretary of State of the UK during his three-day official visit to that country[3]. Kenya’s leadership of the Fintech world in African gives it the impetus to be an international …