Africa Fintech Unconference
Photo: Breaking Bank

Kenyan innovators profit from first ever Africa Fintech Unconference

Kenyan Fintech innovators joined other Africans, in charting the way forward for the sector, at the first Africa Fintech Unconference in Ghana. Fintech innovators, thought leaders, banks and other financial players were present.

The two-day event was organized by FIBR and The MasterCard Foundation, in partnership with Nomanini and Catalyst Fund, from 23rd to 24th March, 2017. FIBR is an initiative of BFA, a global consultancy firm.

BFA East Africa Regional Director, Amolo Ng’weno suggested that Kenyan firms could expand into West Africa, “We are looking to the growing fintech market in Ghana as a complement and counterpart to the East African Fintech sector, by cultivating, comparing and connecting what is happening in the West and East regional markets.

Fintech companies across the continent, including those based in Kenya, are also turning to Ghana as an attractive market to expand into, for which bringing the Unconference to Ghana, was compelling and exciting.”

The participants drove the agenda, of the event, and some of the important takeaways include:

  • For Fintech actors working towards financial inclusion, customers need more than services or products. They need tools in which they can make money “work” in different ways for their needs and how they live
  • Best practices for Fintech companies seeking partnerships with established players means ensuring customer needs in form of partnership, understanding and defining clear goals, fostering trust and transparency early on, as well as structuring fair upside for each partner
  • Fintech companies seeking to gain trust with their customers need to take great care to be consistent and transparent, follow through with promises, leverage channels that are already trusted by customers and hire local people who have knowledge and networks in the target markets

Kenyan Fintech firms present, at the 2017 Africa Fintech Unconference, included; Rafode Ltd, Farmdrive, Sokowatch, Interpay Musoni, Umati Capital, PayGo Energy and Lendable.