Kenya's Fintech sector to top Sh100 billion next year - Safaricom

Safaricom Plc has challenged innovators in the telecoms and financial sector to tap into the fintech industry in Kenya which is expected to top Sh100 billion next year.

Safaricom Chief Financial Services Officer Sitoyo Lopokoiyit told a global fintech Summit in Singapore that the increased Internet penetration and access of mobile telephony have opened numerous opportunities for businesses to deliver more innovative digital products and services.

According to Sitoyo, at 83 per cent, Kenya is leading in share of mobile phone internet traffic overtaking Nigeria, which was at the top in 2017.

He cited the M-PESA revolution which is credited with transforming the financial sector in Kenya in just over a decade.

The Singapore FinTech Festival, which is in its fourth year, is currently the biggest FinTech event in the world, providing a global platform for the tech community to connect, collaborate and co-create.

It attracts over 60,000 delegates among them visionaries and thought leadership executives from financial institutions, fintechs, venture capital firms, central banks and regulators and academia.

Lopokoiyit delegates that social innovations such as M-TIBA, a mobile health care wallet, have led to an investment topping $2 Million in the health sector benefiting millions of Kenya through sustainable solutions in health-care.

During the Festival, Kenya’s micro insurance firm for small scale farmers Pula insurance won the award for its innovative model of delivering agriculture insurance products to rural smallholder farmers.

The firm, which is one of Digifarm by Safaricom partners develops and distributes index-based insurance products by bundling them with agriculture inputs such as seeds, fertilizer and credit.

Kenya's Central Bank Governor Patrick Njoroge announced that Kenya will host the second Afro-Asia Fintech Festival in July 2020.

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