Regulation of Financial Technology in Kenya
featured brief
Regulation of Financial Technology in Kenya
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September 25, 2019
This brief is the final instalment of a three-part series examining the role of regulation in technology advancement in education, finance, and healthcare. Read the full introduction to the broader series here, and follow Botho’s website and social media for instalments of the series in September and October 2019.
Financial technology in Kenya now plays a fundamental role in shaping the economy, by ensuring financial inclusion to millions of citizens who were previously unbanked. The fintech sector has now grown to include a myriad fintech solutions, such as mobile savings, fundraising platforms, mobile payment systems, insurance, peer-to-peer lending, online trading, and blockchain applications, among others, and the country is now frequently highlighted as a global fintech innovation hub.
The study specifically focuses on technology regulation in the fintech sector in Kenya. The first section provides an overview of the fintech regulatory structure, including the laws and regulatory bodies. The second part highlights digital currency use, with a sector spotlight on digital lending. The paper concludes by putting forward recommendations for improvements to current law and policies to further accelerate the growth of this dynamic sector and enhance its ability to cater to more Kenyans.
This brief specifically focuses on technology regulation in the fintech sector in Kenya.