Kenya Fintech Market Map Review 2022
The Kenyan fintech sector has seen significant growth in the past decade due to a blend of technological innovations, changes in consumer behavior, and investors’ interests. Kenya boasts one of the largest and most developed fintech ecosystems in Africa, a notable example of this success is #M-Pesa a mobile money service.
However, the Kenyan fintech ecosystem is not limited to mobile money, as it encompasses a wide range of areas such as payments, lending, digital wallets, insurtech, blockchain-based solutions, financial management, and investment apps.
Consumer demand for efficient, convenient, and accessible financial products and services has led to an increase in new fintech companies entering the market and traditional financial institutions investing in fintech solutions. This has resulted in fintech becoming the most populated sector in the Kenyan startup landscape, with 30.2% of the country’s ventures being in this field. This figure is three times higher than the next most popular sectors, e-health, and agri-tech.
Overall, Kenya’s experience with fintech serves as a leading example of how mobile-based fintech can revolutionize the financial landscape and provide access to banking and financial services to those who were previously excluded from the traditional system. With the fintech space continuing to be a busy sector for the tech ecosystem in Kenya, the future looks bright for the fintech industry in the country.
To illustrate we used the Disrupt Africa database to build a market map of 93 Kenya-based private fintech companies and organized them into nine categories while many companies on our map may operate across multiple categories, we placed them according to their primary use case. We also included 8 prominent corporate initiatives in the country that have been integral to building and supporting this emerging ecosystem.
Please Note: this list is not comprehensive. While we have made every effort to include as many active companies as possible, there may be additional fintech companies in Kenya that are not featured in this map.
