Though the Central Bank wants Kenyans to see digital currencies such as bitcoin and ethereum among others as volatile and high risk.
The ICT Cabinet Secretary, Joe Mucheru is urging Kenyans to embrace them and plug into the digital currencies and buy bitcoins as those who invested in them have reaped big benefits.
“As a leader in mobile money, we cannot afford to be left behind in this digital economy”, he said adding that the government’s agendas of housing, healthcare, manufacturing and food security will be driven by ICT. The CS was speaking during the launch of the Nairobi Innovation Week 2018 and Nairobi Innovation Week Road Map 2025 in Nairobi.
“I urge you all to support business startups and support the University of Nairobi in building the startup ecosystem in the country”, he added noting that the investments come with big rewards “Investing in start-ups have a great reward. I sold my last start-up in December, 2017.”
The CS was an investor in Kenya’s Weza Tele which exited to Jumo at a price north of $1.2m.
This years Nairobi Innovation Week, an initiative of the University of Nairobi will solely focus on startups. Now in its fourth year, the theme for the Nairobi Innovation Week 2018 is “Innovating for a better tomorrow”.
Key partners include Barclays Bank, UNICEF, Africa Development Bank and Government Ministries of ICT, Education and the Ministry of Trade and Industrialization and several tech hubs and partners from the private sector led by the Kenya private sector alliance.
“We need to integrate the start-up agenda in the country. We are ever committed to provide thought leadership”, Vice-Chancellor, Prof. Peter Mbithi said on the launch and announced plans by the University to support close to 100 start ups and reward 15 best performers. The best overall start-up will be given Kshs.1 m.