10 July 2019

Kenya Hosts First Afro-Asia Fintech Fest

Nairobi — PLANS for the inaugural Afro-Asia Fintech Festival have received a financial boost after the Kenya Commercial Bank (KCB) committed KSh10 million (US$975 000) for the event.

The festival is scheduled for July 15 and 16 under the theme, "Fintech in Savannah", modelled along the Singapore Fintech Festival.

Central Bank of Kenya (CBK) and the Monetary Authority of Singapore are organising the event.

Samuel Makome, KCB Group Chief Operating Officer, said for the past five years, the bank made significant investments in financial technology in the realisation that the future of banking was in digital finance.

"We will therefore remain innovative and relevant in fintech by continuously providing products and services that promote financial inclusion," Makome added.

For KCB, transactional activity continue to shift away from branches, with non-branch transactions, that is, mobile, agency banking, point of sale terminals and ATMs, standing at 88 percent of total volumes, compared to 12 percent handled at the branches.

Mobile banking products have grown in transaction numbers and volumes with loans of over KSh54 billion.

Dr Patrick Njoroge, the CBK Governor, said, "Leapfrogging technology in the region is transforming millions of lives and is bringing the world closer together to enable seamless business transactions."

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