London-based fintech company, Unlimit has announced its entry into the Kenyan market, expanding its presence in Africa’s fintech industry.
- Initially launched in 2009, Unlimit focuses on providing easy-to-use and efficient payment processing companies to all its users.
- According to McKinsey, blockchain, cryptocurrency, and decentralized technology are expected to redefine financial services within Africa completely.
- At the beginning of 2023, Disrupt Africa released a report stating that Africa’s fintech industry received $1.45 billion in funding for 2022.
Unlimit eyes Africa’s fintech industry potential
Within the past decade, Africa’s fintech industry has significantly improved in scale and potential. The rapid digital transformation of the continent has attracted numerous investors seeking to capitalize on potential markets and startups.
Unlimit is a London-based fintech organization that soon took wind of the numerous opportunities the country offers. Launched in 2009, Unlimit fintech focuses on providing easy-to-use and efficient payment processing services to all its users. Its 14 years of operation have significantly expanded its scope and functionalities, offering a wide range of financial services. Unlimit offers banking as a service and an on-ramp fiat solution for crypto and decentralized finance.
READ MORE: London-based MarketMinds ventures into Africa this July
Soon, the London-based fintech, along with the rest of the world, took notice of Africa’s rapidly growing fintech industry. As a result, it established a firm foothold in its growing market. To promote financial inclusion in Africa, Unlimit has partnered with the Central Bank of Kenya to set up its payment processing features.
Kenya is Unlimit’s second stop after Nigeria
Kenya officially became Unlimit second-African headquarters after Nigeria. This is no surprise since Nigeria is home to most crypto-based organizations within the continent. Trevor Goott, Unlimit’s director for Africa and India, said, “ It gives me great pleasure to bring on board Kenya as our second African country, following the recent announcement of the awarding of our Nigerian license.“
He further claimed that adding Kenya to their global portfolio for their foreign merchants will benefit both parties. Kenya has played an active role in the worldwide tech community by offering the market and the innovators required to progress the continent.
He added, “The high demand from our international merchants to establish local operations in Kenya has further motivated us to enter the market. Also, given its strategic location in East Africa, Kenya is an ideal hub for expanding our regional operations.”
Unlimit has pledged to deliver unparallel payment services to its users. Its 14 years of stability within the merging fintech industry provides ample opportunity for both local and international relations for Kenyan innovators. Furthermore, their diverse payment solutions can uniquely cater to serval financial issues that the country is currently facing.
Africa’s fintech industry offering growth opportunities
The London-based fintech and CBK partnership are among the few associations benefiting Africa’s fintech industry. In less than two decades, the continent has embraced the concept of decentralized finance at astonishing rates.
The idea of crypto has gained traction in Africa’s fintech industry since conventional banking systems cannot keep up with technological advancements. As part of its strategic expansion, Unlimit has focused on integrating the best payment features, industry-leading security protocols, merchant analytics, and customer-friendly interfaces. These and many more components align with improving Africa’s financial inclusion.
READ MORE: African Startup League: competition for funding over 10,000 startups annually
Transformation in Africa’s financial services sector
According to McKinsey, blockchain, cryptocurrency and decentralized technology will completely redefine Africa’s financial services sector. In two decades, Africa’s fintech industry has produced seven unicorn startups. This has caused domino effects leading to the establishment of numerous fintech startups. These startups offer an innovative way of raising Africa’s financial inclusion.
At the beginning of 2023, Disrupt Africa released a report stating that Africa’s fintech industry received $1.45 billion in funding for 2022. This figure was distributed throughout Nigeria, Kenya, South Africa, and Egypt. Unlimit is among the many global industries to view this figure and take active actions to exploit the market.
The funding in these countries paints the perfect picture of the boundless potential of Africa’s digital innovation. Flutterwave, the top inch organization within the continent, branded Kenya as the East African hub of inventions. Kenya received this title due to its accommodative innovation environments within the tech industry. According to Tracxn, Kenya hosts 434 fintech startups, elaborating its market size.
According to its agenda, Unlimit has elaborated that the expansion into Kenya holds tremendous promise. Furthermore, many organizations and businesses have established a digital presence to expand their global reach. According to Statistica, up to 39.14 million people will use digital payment methods by 2027. Expanding its operation in the country will fortify the London-based fintech’s position and boost international relations.
Unlimit venture in Nigeria is already paying off, with the country rapidly adopting the company’s features. If the fintech company maintains its momentum and continues to expand its operation in Africa, it might tap into the trillion-dollar market. The potential growth will also help with Africa’s financial inclusion.
READ MORE: Fintech investments are paying dividends, what else can Africa expect?
