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Kenya’s fintech sector faces an open finance era
Today, each institution largely sees only part of that person’s finances and the customer has to move between different apps, while the institutions have limited visibility of accounts held elsewhere.
When a customer walks into a shop in Kenya, whether they pay through M-Pesa, Airtel Money, a bank app, or another digital wallet determines which payment route they and the merchant use.
But a new proposed law could make these distinctions less important by pushing Kenya’s digital financial sector toward systems that can communicate with each other and allowing customers to share their financial data with other service providers.
