Five major representative associations in the fintech sector have formed an umbrella body called The Fintech Alliance (TFA) to drive “the growth and development of the industry.”
- TFA is the latest in measures to consolidate efforts among sector players, as regulations and investments in the sector grow.
- The alliance will focus on lobbying for policy and regulatory reforms, supporting access to capital, enhancing innovation, and catalysing economic and social growth.
- The five member associations include Association of Fintechs in Kenya (AFIK), Fintech Association of Kenya (FINTAK), Digital Financial Services Association of Kenya (DFSAK), Digital Credit Providers Association (DCPAK) and Blockchain Association of Kenya (BAK).
“By uniting under the Fintech Alliance, we are better positioned to address challenges, seize opportunities and drive meaningful change in the industry. Together, we will shape the future of fintech in Kenya and beyond,” Ali Hussein, spokesperson of The Fintech Alliance, said.
The ongoing fintech revolution has seen significant developments and investments in the sector, as well as a rapidly evolving regulations and policy landscape.
As competition heats up, the sector has attracted a growing number of foreign firms, as well as an increasing number of products and services. Fintech solutions currently in the market include digital lending platform, investment platforms, remittance services, cryptocurrency services, and buy now pay (BNPL) platforms.
The rapid growth has seen fintech emerge as one of the largest recipients of venture funding in the country. Startups in Kenya received 88 percent of the total raised in East Africa and more than a quarter of the continent’s total, according to a new report by Africa: The Big Deal.
