The uptake of digital lending has been on the rise across Kenya, boosted by growing smartphone adoption and the availability of mobile money transfer systems like M-Pesa. With quick application turnaround, digital credit has helped borrowers pay for basic necessities like food and rent and access working capital for their
The Lord Mayor of the City of London Peter Estlin, announced £10 million of UK Aid support towards the Catalyst Fund during a visit to Nairobi. His visit comes ahead of the first UK-Africa Investment Summit next year, which will bring together businesses, governments and international institutions to encourage investment in a
The focus on the potential and real risks of digital credit, while commendable, runs the risk of taking our collective eye off the wider credit market, which has a much more significant impact on Kenya’s economy. Recently there was a huge fuss about forest fires burning in the Amazon Jungle.
Over the past 10 years mobile-based lending has grown in Kenya. Some estimates put the number of mobile lending platforms at 49. The industry is largely unregulated but includes major financial players. Banks such as Kenya Commercial Bank, Commercial Bank of Africa, Equity Bank and Coop Bank offer instant mobile loans. These lending services have
Kenyan fintech startup BitPesa has rebranded as AZA Group, and announced it has secured a US$15 million debt funding round from the Development Bank of Southern Africa (DBSA) to expand further in emerging markets. BitPesa, which raised two funding rounds in 2017 and another last year to take its total secured investment to around the US$15
Kenya is the most attractive market in Africa for workers in the fintech industry with new data showing that companies pay the highest salaries in comparison to their peers on the continent. In a recent survey, the Digital Frontiers Institute (DFI) found that executives and senior managers working for Kenyan