Dubai-based financier Barika & Kraft is partnering with Kenya's top fintech innovators

By: Barika and Kraft
NAIROBI, Kenya - Dec. 9, 2022 - PRLog -- Kenya has over 56 million people and has become a regional powerhouse not only for East Africa, but for the entire African continent and the Middle East region.

In particular, the capital and largest city, Nairobi, is even nicknamed "Silicon Savannah" due to its strong tech ecosystem that acts as a regional hub.

Kenya has seen skyrocketing mobile penetration, with subscriptions exceeding the total population by 12%, and FinTech innovations have followed suit.

Equitel, a mobile virtual network operator competing with Safaricom`s M-Pesa, is pushing the boundaries of financial inclusion even further by offering a full range of mobile banking services.

In terms of VC funding this year alone, Kenya raised more venture capital in the first three months of this year at $482 million than in the previous year's $412 million.

Nairobi recently launched its new Nairobi International Financial Center (NIFC), which will provide investors across the financial services sector with support and offers such as immigration and tax incentives.

Remittances to Kenya have increased tenfold in recent years, reaching a record $3.718 billion in 2021. This surpassed the previous record, which was set in 2020 at $3.094 billion; according to the Central Bank of Kenya's (CBK) Diaspora Remittances Survey.
BK's collection of private sector loans and grants differ in purpose, focus, financing and disbursements, and implementation arrangements to meet the changing needs of countries and the African continent as a whole.

A project of this nature is supported by BK's multi-tranche financing facility (MFF) .
When the investments are ready for financing and the borrower requests a tranche, BK provides a series of tranches in accordance with a MFF.

BK is able to provide its customers with greater funding predictability and continuity thanks to the MFF.

Worldwide praise for Kenya's success in mobile money is well-known.

For instance, a report titled FinTech in Sub-Saharan African Countries by the International Monetary Fund (IMF) demonstrates that Sub-Saharan Africa has emerged as the global leader in mobile money transfer services, facilitating widespread access to financial services.

Kenya has a rare chance to not only maintain its position as a regional hub but also to export its expertise to other countries, such as through mobile money.


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Barika and Kraft
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Source:Barika and Kraft
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Location:Nairobi - Nairobi - Kenya
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