November 21, 2024

FINTECH MAGAZINE AFRICA

Fintech eyes in africa

Kenya’s Fintech Revolution: Transforming Financial Services With AI

Kenya’s financial technology (fintech) sector has made remarkable strides, significantly improving access to loan services and financial products both locally and regionally through the customization of Artificial Intelligence (AI). Stakeholders at a recent conference in Naivasha celebrated the technology’s role in accelerating various financial services, including insurance policies.

Lucy Kiai, Safaricom’s Head of Credit and Financial Services, highlighted how fintech has enhanced customer satisfaction, improved payment solutions, and extended financial inclusion to remote regions. Safaricom, with its substantial customer base of over 30 million on Mpesa, leverages AI to cater to 7.5 million users accessing borrowing, debt management, and savings services. Kiai emphasized, “Safaricom has been leveraging Artificial Intelligence to enhance data protection and ensure timely addressing of customer needs.”

Also speaking, Kamau Kunyiha, Eastern and Southern Africa Regional Manager at Credit Info, noted that fintech has revolutionized the financial services sector by identifying profitable customers through data analysis. This capability helps in assessing the risks associated with lending.

Kunyiha pointed out that Kenya has become a leader in the adoption of financial technologies across the continent. “The technologies provide valuable insights into lending services, enabling banks and insurance companies to review creditworthiness and mitigate unforeseen losses,” he said. Remarkably, 90 percent of loans in Kenya are now granted through mobile platforms, with the youth being the primary beneficiaries.

Conclusion

Kenya’s fintech sector, powered by AI, continues to transform the financial landscape, providing innovative solutions and expanding access to essential financial services. As stakeholders and the government work together to enhance regulatory measures, the sector is poised to drive further growth and inclusivity, ensuring secure and efficient financial services for all Kenyans.

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