UK Supports Fintech Startups in Kenya through a Ksh 1.3 Million Fund

TechInAfrica – The United Kingdom (UK) has provided a Ksh 1.3 million fund in order to support Kenyan fintech startups that promote financial inclusion for low-income and underserved communities. The funding plan was announced by The Lord Mayor of the City of London, Peter Estlin during his visit to Kenya’s capital city, Nairobi, last week.

“Today’s announcement highlights the mutual benefits of closer financial co-operation to both the UK and Kenya. By forging partnerships across Africa, the UK’s financial services sector can turbocharge national economies and empower individuals financially, creating thousands of jobs and enriching lives across the continent,” said the Lord Mayor.

“Kenya’s FinTech sector is strong, diverse and growing quickly. The innovators we met today show the future of Kenya’s economic growth and I am proud that the UK is able to support their work, helping create growth, jobs and the achievement of the Global Goals in partnership between our two countries,” said the British High Commissioner to Kenya, Jane Marriott.

The funds will be delivered through the Catalyst Fund that supports business development and investor opportunities for early-stage fintech startups in emerging countries. The Catalyst Fund will help to connect 30 Kenyan fintech startups with international investors and mentors.

The Catalyst Fund is managed by Amolo Ng’weno, BFA Global’s CEO. According to Ng’weno, access to digital financial services is no longer the main issue with the vital roles of fintech startups. However, he added that in order to succeed, they need early-stage capital as well as partnerships to help them scale up and get access to a pool of potential talents.

“Our mission at the Catalyst Fund is to accelerate these startups and strengthen the inclusive fintech ecosystem, and we look forward to working toward this goal with the support of UK Aid,” said Ng’weno.

Source: techtrendske.co.ke