Explore Kenya's thriving fintech landscape with our report ‘Fintech in Kenya’. Bolstered by a robust mobile infrastructure and initiatives like the CMA Regulatory Sandbox, Kenya stands as a key African hub for innovation. Swiss fintech SMEs, well-positioned in this evolving sector, can tap into numerous opportunities. The genesis of Kenya's fintech ascendancy dates back to Safaricom's groundbreaking M-PESA launch in 2007, transforming mobile money services.
Kenya’s fintech landscape
Today, these services span credit partnerships, savings solutions, pay-as-you-go renewable energy, government securities investments, healthcare payments, and streamlined utility services. Digital payments, especially mobile transactions, have significantly improved financial inclusion. FinAccess reports a remarkable leap from 26.7% in 2006 to 83.7% in 2021, with the adoption of multiple financial services concurrently surging to 75% in 2021. Mobile money adoption has reshaped banking paradigms, witnessing the flourishing of mobile banking channels as conventional services dwindle. The growth of digital credit products, leveraging algorithms, is notable through mobile applications, USSD platforms, and payment systems.
Recent developments in the fintech market
Kenya's fintech sector reflects an 81% surge in start-ups between 2021 and 2022, positioning Nairobi as a focal point in the global start-up ecosystem index. As fintech gains mainstream adoption, both commercial enterprises and government entities are integrating it for enhanced efficiency and service delivery. This S-GE report emphasizes the significance of grasping local intricacies, collaborating with local talent, and promoting innovation as key factors for establishing a presence in Kenya's ever-evolving fintech ecosystem.
Business opportunities for Swiss fintech in Kenya
By strategically addressing challenges, Swiss enterprises can position themselves to thrive and innovate in this burgeoning market. Gain insights for informed decisions and navigate the complexities of Kenya's fintech landscape.
