Five associations have united to establish the FinTech Alliance (TFA), with the goal of driving the growth and development of Kenya’s fintech industry.
The alliance established on Thursday January 23, includes 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 the Blockchain Association of Kenya (BAK).
The aim of TFA is to create a single voice for Kenya’s fintech ecosystem, advocating for initiatives that will position the country as a global leader in financial innovation.
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“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,” said Ali Hussein, spokesperson for TFA.
Focus on scaling fintech firms and financial inclusion
The alliance will focus on scaling fintech companies by improving access to finance and resources, while also working with government agencies, regulators, and other stakeholders to create policies that promote innovation, financial stability, and consumer protection.
TFA plans to use fintech solutions to promote financial inclusion, create jobs, and help improve lives, contributing to Kenya’s economic and social growth.
The Fintech Association of Kenya (FINTAK) serves as the umbrella body for fintech players in Kenya, aiming to represent and promote excellence in the sector while providing a platform for education, networking, and information sharing among companies, policymakers, and the public. Additionally, FINTAK advocates for sound regulations, financial literacy, and inclusion to enhance consumer trust in digital financial services.
In parallel, the Digital Financial Services Association of Kenya (DFSAK) primarily represents digital financial service providers, focusing on advancing digital payment systems and promoting financial inclusion. DFSAK ensures that digital services are efficient, secure, and accessible to underserved populations while setting ethical and professional standards in the industry.
The Digital Credit Providers Association (DCPAK) represents organisations offering digital credit solutions. Its aim is to standardise practices within the sector, advocate for fair regulations, and ensure responsible lending practices that protect consumers while expanding access to credit.
Meanwhile, the Blockchain Association of Kenya (BAK) promotes blockchain technology adoption by advocating for its integration across various industries. BAK’s goals include educating stakeholders about blockchain’s potential, influencing policy development, and fostering innovation in decentralised technologies.
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Together, these associations contribute significantly to the growth and regulation of Kenya’s evolving fintech landscape.
Strengthening Kenya’s position in the global fintech space
Kenya has been recognised as a center for fintech innovation, and TFA’s formation aims to build on this by fostering collaboration, knowledge sharing, and competitiveness with international organizations. Through these efforts, the alliance hopes to unlock new opportunities for businesses and consumers, reinforcing Kenya’s position in the global fintech space.