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38 FinTech Companies in Kenya to Look out for in 2017

While being the largest unserved market that has dropped out of sight of the global financial system, Africa as a market has all the prerequisites promising to serve as a firm foundation for FinTech growth and development. Among the key data points characterizing Africa’s state of the financial system, the SWIFT Institute has outlined the following ones:

  • In 47 out of the 89 markets where mobile money is available, both banks and nonbanks are allowed to provide mobile money services.
  • Half of almost 300 million registered mobile money accounts globally are located in sub-Saharan Africa.
  • There are 2.26 million mobile money agents in developing countries around the world, many more than the number of alternative financial access points comprising ATMs (1.38 million), commercial bank branches (524,000), post offices (501,000) and Western Union locations (500,000).

Certain segments of the financial services industry on the continent are particularly advanced in terms of adoption scale and attractiveness to entrants. Remittance via mobile has picked up a rapid pace in Africa, with Kenyans using mobile money services for over eight years already; M-Pesa being Kenya’s dominant mobile money provider, the segment allows people to make P2P payments by simply texting.

In the face of an outstanding opportunity presented in Africa, an ecosystem of FinTech startups providing services across segments have grown to transform the financial services industry on the continent for inclusive growth (with the support of dedicated accelerators and incubators). In this review, let's take a closer look at some of the interesting FinTech companies in Kenya – the country that is expected to become one of the hottest ...

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