(Xinhua) -- Kenya will in May host a regional
digital financial inclusion conference to examine how
innovative approaches and collaboration between finance
and technology can create growth, organizers said on
The Central Bank of Kenya (CBK) and
the Kenya Bankers Association (KBA) will co-host the
inaugural Euromoney Kenya Conference to be held on May 9
“While Kenya has emerged as the hub
for African innovation in technology, the conference
will provide a platform for discussions on new
fintech propositions for the base of the pyramid and
millennial generations,” KBA said in a statement.
The conference, themed Financial
Inclusion 2.0: Expanding Kenya’s Digital Financial
Ecosystem, will broadly discuss the development of
digital business and the financial ecosystem in Kenya
The conference will bring together
high level policymakers, business leaders, economists
and financiers in a lively mix of speeches, panel
discussions and interviews.
According to KBA, financial inclusion
holds the promise of harnessing collaboration between
financial sector players, including financial service
providers and technology service providers, to achieve
social ends such as inclusive economic growth,
sustainable development and poverty alleviation.
“The choice of Kenya as the country to
host this conference reaffirms its global reputation
of embracing innovative and disruptive technology as
a tool for financial inclusion. This is expected to
increase the country’s competitiveness and attract
foreign direct investments,” it said.
The country remains a front runner in
financial inclusion through digital innovations. With
five mobile telephone service providers, mobile
penetration stood at 90 percent as at December 2016, up
from 84 percent the previous year.
This, KBA said, is not only closer to
the global penetration rate, of 98.6 per but is also
significantly higher than the average continental
penetration rate of Africa of 76.2 percent.
“This is in addition to other
innovations such as M-Akiba and the recently
launched KBA PesaLink, the first real time, 24/7
digital platform that interconnects all bank
accounts across all channels,” KBA said.