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Technology

Firms donate to Asian fintech event to be held in Nairobi

Patrick Njoroge
Central Bank of Kenya Governor Patrick Njoroge. FILE PHOTO | NMG 

The Asian Fintech event bringing up to 5,000 delegates to Nairobi has received a financial boost with several corporates donating funds towards its sponsorship.

Regional bank KCB Group #ticker:KCB donated Sh10 million while telco Safaricom #ticker:SCOM and Standard Chartered Bank #ticker:SCBK dished out Sh5 million each.

Central Bank of Kenya Governor Patrick Njoroge who received the donations said technology had helped improve lives with Kenyan innovations being replicated across the globe due to their positive impact.

"In matters fintech, Kenya is the pacesetter in innovations and its simulation with payment platform running on fintech platforms. The difference fintech is making to millions of people in Africa and billions around the world is momentous,” he said.

Speaking during the occasion, Safaricom Financial Services Officer Sitoyo Lopokoiyit said the two-day event presents Kenyan innovators with a global platform to showcase their products with an eye on how Safaricom’s M-Pesa supported the startups to commercial their products.

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“Two years ago, we opened up our Daraja API portal giving over 16,000 developers an opportunity to integrate their businesses with M-PESA seamlessly," he said. Participants, among them policy makers, industry leaders, entrepreneurs, innovators and researchers are expected to exchange ideas, network as well as launch collaborations between Africa and Asia innovators.

The event will also echo opportunities in new fields such as artificial intelligence, big data, cyber security, technology risks, social impacts, SME financing, financial literacy and inclusion, sustainable finance as well as discuss the spirit of innovation among other key areas in fintech.

Kenya remains a lucrative fintech market with numerous commercial activities run via online portals and paid for via mobile payment platforms realtime. The fintech space has seen some Kenyan companies expand across Africa among them Cellulant, KAPs, Safaricom, M-Kopa, Sportpesa, Tala and Africa Talking.

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