East Africa: Regional Digital Financing Ecosystem

Digitalization drives increasing returns to scale, which in turn requires access to larger markets. Building local demand and encouraging widespread adoption of digital financing by users and incumbent financial sector players may require either deepening of domestic markets or a regional approach. For example, the Central Bank of Kenya is working to foster a regional digital financing ecosystem.

The Central Bank has also promoted international cooperation and established strong ties with MAS, the Monetary Authority of Singapore, to advance Singapore-East Africa cooperation. In July 2019, the Central Bank of Kenya and and MAS, organised  a first-of-its-kind ‘Fintech in Savannah’ Afro-Asia Fintech Festival. This year, a Virtual Africa Hackathon will be held on 31 August in Nairobi, Kenya.

 

How does this pathfinder initiative exemplify the Task Force’s recommendations? 

SDGs Link to analysis and recommendations
Icon Image Icon Image
Icon Image Icon Image
  • Expands digital financing ecosystem regionally.
  • Promotes regional and international cooperation and governance.
  • Strengthens citizen and innovator capabilities.
SDGs
Icon ImageIcon ImageIcon ImageIcon Image
Link to analysis and recommendations
  • Expands digital financing ecosystem regionally.
  • Promotes regional and international cooperation and governance.
  • Strengthens citizen and innovator capabilities.

 

 

Digitalization drives increasing returns to scale, which in turn requires access to larger markets. Building local demand and encouraging widespread adoption of digital financing by users and incumbent financial sector players may require either deepening of domestic markets or a regional approach. For example, the Central Bank of Kenya is working to foster a regional digital financing ecosystem.

The Central Bank has also promoted international cooperation and established strong ties with MAS, the Monetary Authority of Singapore, to advance Singapore-East Africa cooperation. In July 2019, the Central Bank of Kenya and and MAS, organised  a first-of-its-kind ‘Fintech in Savannah’ Afro-Asia Fintech Festival. This year, a Virtual Africa Hackathon will be held on 31 August in Nairobi, Kenya.

 

How does this pathfinder initiative exemplify the Task Force’s recommendations? 

SDGs Link to analysis and recommendations
Icon Image Icon Image
Icon Image Icon Image
  • Expands digital financing ecosystem regionally.
  • Promotes regional and international cooperation and governance.
  • Strengthens citizen and innovator capabilities.
SDGs
Icon ImageIcon ImageIcon ImageIcon Image
Link to analysis and recommendations
  • Expands digital financing ecosystem regionally.
  • Promotes regional and international cooperation and governance.
  • Strengthens citizen and innovator capabilities.