This archive report was first published on 10 July 2019.
On July 10, 2019, plans for the inaugural Afro-Asia Fintech Festival received a significant boost after the Kenya Commercial Bank (KCB) pledged KSh10 million (US$975,000) to support the event.
The festival, themed 'Fintech in Savannah,' is modelled after the Singapore Fintech Festival and is scheduled to take place on July 15 and 16.
Organized by the Central Bank of Kenya (CBK) and the Monetary Authority of Singapore, the event aims to showcase the latest developments in fintech and promote financial inclusion in the region.
According to Samuel Makome, KCB Group Chief Operating Officer, the bank has invested heavily in financial technology over the past five years, recognizing the importance of digital finance in the future of banking.
'We will continue to innovate and provide products and services that promote financial inclusion,' Makome emphasized.
Notably, KCB has seen a significant shift in transactional activity away from branches, with non-branch transactions accounting for 88% of total volumes, compared to 12% handled at branches.
Mobile banking products have also experienced significant growth, with loans exceeding KSh54 billion.
Dr. Patrick Njoroge, the CBK Governor, highlighted the transformative impact of fintech in the region, saying, 'Leapfrogging technology is bringing the world closer together and enabling seamless business transactions.'
