This archive report was first published on 16 July 2019.
On Monday, President Uhuru Kenyatta delivered a keynote address at the inaugural Afro-Asia FinTech Festival, a two-day conference jointly organized by the Central Bank of Kenya (CBK) and the Monetary Authority of Singapore (MAS). The event brought together thousands of delegates from Africa and Asia.
During his speech, President Kenyatta witnessed the signing of a Memorandum of Understanding between the CBK and the Monetary Authority of Singapore (MAS) to co-develop foundational infrastructure on identity, data, and electronic Know-Your Customer procedures (e-KYC). He encouraged more public and private sector partnerships to drive the growth of digital technology, a sector where Kenya plays a global lead role.
“This initiative between our two Central Banks aligns well with the ongoing drive by my Government to introduce a ‘‘single source of truth’’ digital identity,” Uhuru said. He added that digital economies would help Africa expand opportunities to bring prosperity for more people.
President Kenyatta also spoke about several Kenyan innovations, including M-KOPA, a service delivery innovation in the power and lighting sub-sector that has enabled many rural households to receive solar lighting gadgets. He listed M-Akiba, which provides a savings mechanism for ordinary Kenyans who can save a dollar a day, and at the end of 30 days invest in government securities.
“For my Government, our key motivation in rolling out this product was to democratise access to financial services and to give a space at the heart of the financial system to every Kenyan no matter their location, social or economic status,” the President said.
Delegates attending the conference include inventors, entrepreneurs, technology scholars, researchers, media, and university students drawn from 30 countries spread across five continents.
Published on July 16, 2019.
