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In Africa, there are now more mobile money accounts than bank accounts in 16 African markets. FinTech solutions in developing countries are making existing services more convenient, creating new infrastructure, and increasing financial inclusion for millions of people in the real economy.
Micro, Small, and Medium Enterprises (MSMEs) are crucial to Kenya’s economic growth and employment generation, as emphasized in Vision 2030 and the Third Medium Term
The Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist, and protect the interests
At its core, fintech is all about using technology to provide financial services in new and innovative ways. It can be considered as the underlying technology, an industry consisting of fintech companies, or a whole new way of providing financial services.
“These lending institutions have helped in bridging the gap by offering credit services to small businesses who could not access credit because they lacked the credit score or banking history,”
The establishment of the Digital Lenders Association of Kenya (DLAK), in June 2019, came at an opportune time, to help in the regulation of the
-A competitive lending market can potentially lower the costs of scoring and disbursing loans to lenders
-Digital lending proposes numerous substantial enhancements relative to traditional credit
The existence of alternative lending dates back in time, and the digital lending industry is an offshoot of traditional credit sources that included friends, workmates and relatives. There are extra benefits to using digital services to access credit as they are not only instant and efficient, but they also increase the opportunities of accessing money for small and family business owners.
The world is going through a new age of industrialization and innovations. With it a new era of Einsteins and Steve Jobs creating new tech
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