Thanks to its friendly business climate, tech-savvy populace, and expanding economy, Kenya has recently emerged as a hub for fintech companies.
There are many innovative fintech businesses developing in Kenya that are transforming how people access and manage their finances, ranging from peer-to-peer lending platforms to mobile banking solutions. Seven of Kenya’s most exciting fintech companies to watch are listed below:
Perhaps the most well-known fintech startup in Kenya, M-Pesa is a mobile-based money transfer service that has revolutionized the way people send and receive money. With over 20 million registered users in Kenya alone, M-Pesa has become an essential part of daily life for many Kenyans.
Tala is a mobile lending platform that provides instant loans to individuals who may not have access to traditional banking services. With a simple application process and quick approval times, Tala has become a popular option for people in Kenya who need short-term loans to cover unexpected expenses.
Similar to Tala, Branch is a mobile lending platform that offers small loans to individuals based on their creditworthiness. With over 1 million users in Kenya, Branch has become a go-to option for people who need quick access to funds.
PesaKit is a mobile banking solution that allows users to perform transactions directly from their phones. With PesaKit, users can send and receive money, pay bills, and even apply for loans – all without ever having to visit a physical bank.
Lendable is a peer-to-peer lending platform that connects borrowers in Kenya with investors from around the world. By using innovative credit scoring techniques, Lendable is able to provide loans to individuals who may not have access to traditional banking services.
BitPesa is a digital currency exchange platform that allows users to buy and sell cryptocurrencies, as well as perform other financial transactions. With a focus on low-cost transfers and instant settlements, BitPesa has become a popular option for people in Kenya who want to take advantage of the benefits of digital currencies.
7. M-Kopa Solar
While not strictly a fintech startup, M-Kopa Solar is worth mentioning for its innovative approach to financing solar energy solutions in Kenya. Through a pay-as-you-go model, M-Kopa Solar allows individuals to purchase solar-powered systems on a monthly instalment plan – providing affordable and sustainable energy options to people who may not have access to traditional electricity grids.
As these fintech startups demonstrate, Kenya is at the forefront of innovation in the financial sector. With a growing number of people accessing financial services through mobile devices and a supportive business environment for startups, Kenya’s fintech scene is only set to grow in the coming years.