The Central Bank of Kenya and the Central Bank of Singapore have signed an agreement to promote digital infrastructure development in Kenya. Singapore will assist Kenya to establish basic digital infrastructure such as identity and Know-you-customer utility based on shared standards. The agreement was signed by CBK Governor Dr. Patrick Njoroge and the managing director at Monetary Authority of Singapore Mr. Ravi Menon during the recently concluded Afro-Asia Fintech Festival.
Singapore uses advanced digital systems in its financial sector which are more efficient and less costly. The Asian country is well suited to assist Kenya in growing the online structures.
Speaking during the first Fintech Festival in Kenya, Dr. Patrick Njoroge said, “We have gathered in Nairobi to celebrate the newest bridge for financial innovation….fintech offers a great opportunity for transforming many lives in Africa and Asia and the rest of the world.”
The MD of Singapore’s Central Bank Mr. Ravi Menon said, “The Fintech cooperation between Kenya and Singapore will serve as a launchpad for fintech firms and financial institution in our two countries to collaborate on innovative solutions customized towards enhancing financial inclusion in Africa and Asia.”
The event attracted over a hundred fintech exhibitors from all around the world including 19 Singaporean Companies. Several central bank governors from African nations were also in attendance including; the governor of Burundi National Bank, governor of Egypt’s Central Bank, governor of the Bank of Mauritius, Nigeria’s Central Bank governor, governor of the National Bank of Rwanda, and governor of the Bank of Tanzania.
The Afro-Asia Fintech event is modeled after the world’s largest Fintech Festival held every November in Singapore.
