Kenya’s fintech revolution has helped the country achieve near total financial inclusion, but are consumers really benefiting and are they adequately protected?
Kenya boasts of several attributes such as one of Africa’s top-performing economies growing at an annual 6 percent rate, 82.9 percent adults accessing a minimum of one financial product and is home to some 150 Fin-Tech companies at a single point of time. An article discusses financial inclusion in adding value and whether it is well regulated in ensuring consumers’ protection. It is discussed that the Capital Markets Authority (CMA) is yet to introduce sandbox that will help in creating a conducive economic environment to unleash the potential where only three Fin-Tech firms have been granted licence till now in Kenya. CEO of 4G Capital Mr. Wayne Hennessey-Barrett says that the main issue must not be restricted to inclusion but the right Financial Services to serve the greatest need benefiting everyone.Source: African Business Magazine