Tagged: Kenya

Kenya Expands Digital Credit Market with 19 More Licenses

The Central Bank of Kenya (CBK) has significantly expanded its digital lending landscape by granting licenses to 19 new digital credit providers (DCPs), bringing the total to 51 licensed firms. This announcement marks the latest effort by the CBK to regulate the burgeoning fintech sector,… Read More

Kenya: Experts Criticize Digital Lenders Over high Interest Rates

Experts in Kenya have criticized digital lenders for charging high interest rates, often perceived as infringing consumer rights. Reportedly, the average interest rate for a 30-day digital loan ranges from 20-30% for online lenders, based on the borrower’s risk profile. For a Sh1,000 loan, the… Read More

Fintech and Payment Solutions Provider Verto Enters Kenya Via UBA Deal

Verto, a London-based fintech and payment solutions provider, has partnered with United Bank of Africa (UBA) to officially enter Kenya and the East Africa market, according to an announcement. The partnership marks a crucial step forward in providing enhanced financial transaction platforms for entrepreneurs, small… Read More

Worldcoin Crypto Initiative Suspended by Authorities in Kenya Due to Consumer Privacy-related Concerns

Kenya’s interior ministry revealed on Wednesday (August 2, 2023) that it would be suspending the local activities of the crypto-related initiative Worldcoin as the nation’s authorities assess various risks to the public’s general safety. The initiative established by OpenAI Chief Executive Officer Sam Altman was… Read More

Nairobi based Insurtech Lami Finalizes $3.7M Seed Extension

Nairobi-based Insurtech firm Lami Technologies has finalized a $3.7 million seed extension in order to expand business operations across Africa. The firm’s management noted that the investment round was led by early-stage VC company Harlem Capital along with contributions from Newtown Partners; Peter Bruce-Clark, a… Read More

Kenyan Fintech Churpy Attracts $1M Seed Round Led By Unicorn Growth Capital

Kenyan fintech Churpy this week announced a $1 million seed round led by Unicorn Growth Capital. Also participating were Antler East Africa, Nairobi’s business angel network and a group of Rally Cap LPs, including senior executives from Stripe. The funds will be used to support… Read More

Akoin’s AKN Token Now on BitMart, Improves Access for African Users

Akoin, a digital ecosystem and cryptocurrency developed by global artist and Akon to improve social opportunities and access for African entrepreneurs, is now listing on the cryptocurrency exchange BitMart. The listing with BitMart provides access for Akoin within the United States from people who want… Read More

PensionTech pinBox Raises Seed Funding to Provide Micro-Pension for Needy

pinBox, a global PensionTech working towards providing digital micro-pension and social security inclusion, has raised $ 1 million in funding from Venture Catalysts (Vcats), an integrated incubator, along with accelerator fund 9unicorns. Founded in 2016 by industry veterans Parul Seth Khanna and Gautam Bhardwaj, pinBox… Read More

Global Payments Platform Nium Announces Expansion Into Ghana, Kenya, South Africa, & Tanzania

    Global fintech infrastructure platform, Nium, announced on Tuesday its clients are now able to send funds to their business partners located in Ghana, Kenya, South Africa, and Tanzania. Customers of Nium are also able to extend this service to their own consumers.  “Traditionally, businesses, fintechs and even consumers looking… Read More

Kenyan Insurtech Pula Raises $6 Million Through Series A Funding Round Led By TLcom Capital

  Pula, a Kenya-based insurtech, has reportedly secured $6 million through its Series A funding round, which was led by Pan-African early-stage venture capital firm, TLcom Capital, with participation from nonprofit Women’s World Banking. Launched in 2015, Pula claims it is on a mission to reimagine agricultural… Read More

Lendable Announces New CIO & COO

Kenya-based Fintech platform Lendable announced on Thursday it has welcome Hani Ibrahim as its new Chief Investment Officer and Des Denning as its new Chief Operating Officer, as well as the company’s new Chief Financial Officer. According to Lendable, Hani will oversee Lendable’s investment strategy and… Read More

Monetary Authority of Singapore Signs Fintech Agreement with Central Bank of Kenya

The Monetary Authority of Singapore (MAS) has signed a “Fintech Cooperation Agreement” with the Central Bank of Kenya. The agreement was finalized during the inaugural Afro-Asia Fintech Festival in Nairobi, Kenya. The two entities said they will collaborate to develop digital infrastructure services including KYC… Read More

The Monetary Authority of Singapore Partners with Central Bank of Kenya on “Afro-Asia Fintech Festival”

Following the success of the state-sponsored Singapore Fintech Festival, the Monetary Authority of Singapore (MAS) has partnered with the Central Bank of Kenya (CBK) to launch a new event – the inaugural Afro-Asia Fintech Festival. The conference will take place in Nairobi this coming July…. Read More

Standard Chartered Launches Africa eXellerator Innovation Hub in Kenya

Standard Chartered Bank announced on Monday it has officially opened its Africa eXellerator Innovation Hub in Kenya. According to the digital bank, the innovation hub will serve asa platform to collaborated with fintechs in Kenya, as well as the broader African region to drive innovation… Read More

Kenyan Fintech Lendable Completes Second Round of Asset-Backed Pass-Through Notes With Institutional Investors

Kenya-based Fintech platform Lendable announced on Thursday the closing of an innovative secured dual tranche 36-month note program, called Multi-Originator Segregated Portfolio 2, or “MOP2.” According to Lendable, MOP2 is the second fundraiser of secured pass-through notes backed by consumer, SME, solar and productive asset loans originated by… Read More

Modulus CEO Slams Congressman Sherman’s Anti-Crypto Opinion

Congressman Brad Sherman is well known for his anti-crypto perspective having attacked digital currencies during Congressional hearings. Modulus CEO Richard Gardner recently challenged Representative’s Sherman opinion pointing to a statement emanating out of Kenya. Bitange Ndemo, Chairman of the Taskforce on Distributed Ledgers and Artificial Intelligence… Read More

P2P Lender Lendable Receives Dutch Development Bank FMO Convertible Grant

Kenyan-based Fintech platform Lendable has been extended a convertible grant from Dutch Development Bank FMO to provide a “first loss” backstop.  The $450K convertible grant, provided by the Dutch government’s FMO managed MASSIF fund, aims to reach targeted end-beneficiaries through financing local financial intermediaries and institutions that… Read More

IBM’s Microfinance Blockchain in Kenya Tests the Viability of Hyperledger

The Senior Vice President in charge of Platforms & Blockchain at IBM, Bridget van Kralingen, gave an inspiring talk in mid-May at the giant Consensus cryptocurrency and blockchain conference in New York. She said she’d long held a dream making micro-finance more available in the… Read More

Mastercard Teams Up With Unilever to Launch Digital Lending Platform For Kenyan Entrepreneurs

On Tuesday, Mastercard announced it was extended its strategic partnership with Unilever to launch a new digital lending platform specifically for Kenyan entrepreneurs. While sharing details about the platform, Ajay Banga, President and CEO of Mastercard, stated: “Micro and small businesses are the economic backbone of… Read More

ADGM, IFC and CMA Kenya Pen Fintech Cooperation Agreement

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi and the Capital Markets Authority (CMA) Kenya signed a Cooperation Agreement which provides a framework for cooperation to support financial innovation in each jurisdiction. The Agreement was signed by Paul Muthaura, Chief Executive,… Read More

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