Exciting times for fintech in Kenya and this is just the beginning!
By: Chandani Nayak
Tags: Fintech Technologies, Financial Services, Finance, Fintech

Fintech is an umbrella term that encompasses any technology that is applied in financial services in order to make it simple for businesses to manage financial aspect, and it could be a software, an app, or a process. The fintech sector is growing at an exponential rate in the world, and Africa is no exception. As technology is defining the everyday operations of businesses across the world, fintech companies are offering multiple innovations to embed technology in the field of financial management, like mobile money, mobile banking and savings, mobile payments, and alternative channels of funding.

The financial services ecosystem has changed a lot, thanks to growing fintech companies and the financial management solutions they offer. It is simple for any person with a smartphone to open and maintain bank accounts, receive and send money, transfer funds, pay bills, shop online and pay for the shopping or even access a loan. Along with South Africa and Nigeria, Kenya is among the top innovators in Africa in the financial sector. The use of electronic payment methods and tools for financial planning is on the rise, and transactions are faster and simpler with such products and tools. Fintech is all set to take over the financial management services sector, and displace the traditional services for good.

The growth of mobile phone related technology in the financial management sector is certainly a great convenience for people in Africa to manage their money in the most efficient manner. Kenya, in particular, has exhibited an extremely dynamic financial sector and is the frontrunner in B2B and P2P financial management solutions. The ripple effect of such solutions has led to the rise of a plethora of fintech firms in Kenya, and Finserve happens to be one of the leading fintech firms, offering financial management, financial accounting, Eazzy loans, Equitel loans, APIs, payment gateway solution and a versatile, fun keyboard app as well.

Fintech solutions providers have changed the way Kenyans access financial management services, and there is a lot more innovation happening in this sector. As digital financial services continue to grow in Kenya, the opportunities as well as challenges are significant. Logical innovations are the need of the hour, and some organisations have executed such solutions successfully, with intuitive products that address real problems. With such products, it is becoming easy for even small businesses to have a digital footprint and cater to customers all over the world.

Since fintech largely depends and operates on the internet, it is susceptible to cybercrime and technological glitches. It is imperative for fintech solutions providers to offer complete security to their users, and ensure no breach of sensitive financial data. High-level protocols of data security are crucial to fintech services and products. It is imperative to offer such innovations and products that would help people interact, share and learn from each other. The possibilities in the fintech sector are exciting, and there will be more products and better services in the days to come, and Finserve promises to be among the leading names in the ecosystem. The future looks interesting, and this is the right time to be a part of the rising fintech wave.