New Release
Kenya has long been considered a leading FinTech hub in Africa, with a rapidly growing ecosystem fueled by various factors over the past decade, ranging from a large unbanked population to high mobile phone penetration and supportive government policies. The growth of FinTech in Kenya can be traced back to 2007 when Safaricom, the leading mobile network operator, launched M-Pesa. By FYE 2023, M-Pesa had 32.11 million active subscribers, while the value of transactions on the platform increased by 21.4% year-on-year to Ksh 35.86 trillion2 in the same period. Overall, the development of new FinTech solutions in areas such as digital lending, insurance, and investment is expected to accelerate in the short to medium term. The growth will be supported by Kenya’s vibrant startup scene and a growing pool of tech-savvy consumers. Despite the challenges that FinTech companies face in the industry such as regulatory and cybersecurity risks, we believe that collaboration among industry players, regulators, and other stakeholders will address these challenges, thus, enhancing the development of the industry.
The 2024 Kenya FinTech Industry Risk Report captures the following:
