Five Major Kenyan Associations Join Forces to Form A Groundbreaking Body, The FinTech Alliance
In a landmark development for the Kenyan financial technology (fintech) sector, five major representative associations have joined forces to form an umbrella alliance dedicated to driving the growth and development of the industry.
The new entity, named The FinTech Alliance (TFA) brings together the Association of Fintechs in Kenya (AFIK), Fintech Association of Kenya (FINTAK), Digital Financial Services Association of Kenya (DFSAK), Digital Credit Providers Association (DCPAK) and Blockchain Association of Kenya (BAK).
Speaking at the launch, the spokesperson of The Fintech Alliance, Ali Hussein, said “Today marks a significant milestone for Kenya’s fintech sector. By uniting under the Fintech Alliance, we are better positioned to address challenges, seize opportunities and drive meaningful change in the industry. Together, we will shape the future of fintech in Kenya and beyond.”
The Fintech Alliance is an umbrella organization representing Kenya’s fintech ecosystem. AFIK, FINTAK, DFSAK, DCPAK, and BAK coming together is groundbreaking with the alliance advocating for the growth, innovation and development of the fintech sector to drive economic and social transformation. The Fintech Alliance will create a unified voice for the fintech ecosystem, advocating for key initiatives that will position Kenya as a global leader in financial innovation.
The alliance will focus on policy and regulatory reforms where it will engage with government agencies, regulators and other stakeholders to shape policies and regulations that foster innovation while ensuring consumer protection and financial stability.
“The alliance will also focus funding and scaling up access to capital and resources for fintech startups and established players to scale their operations and achieve sustainable growth,” Hussein said.
“It will also enhance product and service innovation whereby it will encourage collaboration among stakeholders to develop cutting-edge solutions that meet the evolving needs of Kenyan and global markets.”
Lastly, the alliance will catalyze economic and social growth by leveraging fintech solutions to enhance financial inclusion, create jobs and transform lives by driving economic and social progress.
The Fintech254 Alliance will serve as a platform for collaboration, knowledge sharing and strategic partnerships within the ecosystem. It will also work closely with international organizations to ensure Kenyan fintech solutions remain competitive on the global stage.
Source: The Star
