To reach the United Nations’ 17 Sustainable Development Goals (SDGs) by 2030, emerging economies require US $3.3 to $4.5 trillion per year in funding, but they face an estimated annual shortfall of US $2.5 trillion.
Most of Kenya’s Fintech solutions are built on the premise of alternative data sources and information sharing to inform decisions, business models, and monetisation models. With the Data Protection Act now in place and draft regulations published, innovators in Kenya now need to think more deeply about innovation that is balanced with compliance with the law.
Recent technological innovations in Kenya are going far in supporting the growth of Kenya’s affordable housing market, by providing an opportunity to leapfrog the less flexible systems that have dominated housing supply in the past.
Kenya has received world-wide recognition as leader in financial innovation. This is a laudable achievement because finance holds the potential to unlock solutions to the real-world problems that Kenyans face in their daily lives.
Kenya has been feted around the world for its achievements in advancing financial inclusion. And the speed at which access to the formal financial system has advanced has certainly been exceptional. The development of a near ubiquitous mobile phone-based payments system provided the foundations for a further round of fintech innovation.
In countries as diverse as the United Kingdom, India, and Mexico, there is momentum to increase consumers’ ability to access, manage, and control their digital identity and history.
n May 2017, I had the honour of being on a fascinating Euromoney panel about expanding the digital financial ecosystem. One of the many topics that we discussed was the dearth of debt financing available for fintechs and start-ups limiting the potential for scale.
To increase access to finance in the agricultural sector, various players have implemented initiatives to help smallholder farmers and pastoralists to access financial solutions. The many initiatives over time have had varying degrees of success.