Next Wave: What’s the future of Kenyan fintechs?
- M-Pesa processed 20 billion transactions in 2023, representing 60% of Kenya's GDP.
- Kenyan fintechs secured only 8% of total investments in the fintech sector from 2019 to 2023.
- Venture capitalists are shifting focus to climate tech, impacting fintech investment.
The dominance of M-Pesa in the Kenyan market presents a significant barrier for fintech startups, but it also highlights the need for innovation in underserved areas. Fintechs must focus on creating unique value propositions that address specific market needs, such as insurance and affordable credit, to carve out their niche. The regulatory environment should also evolve to foster a more competitive landscape that encourages fintech growth.
