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  • Writer's pictureGreg O Manyala

Setting up a fintech firm in Kenya




This article is intended to provide general legal information only and is not meant to constitute legal advice or an advocate-client relationship. We will therefore not be liable for any loss or inconvenience occasioned by reliance on its contents.



The integration of technology into financial services has grown exponentially over the past decade. This has been done by many entities with the aim of having the underserved access to financial services. In Kenya, the Silicon Savannah, the FinTech space has been active with a wide array of FinTech solutions being introduced each year.

In 2021, Kenya was ranked 31st in the world in the Findexable Global Fintech Rankings Report. In Middle East & Africa, Kenya was ranked 3rd with Nairobi being ranked under the City rankings as 37th in the world. FinTech has further enhanced financial inclusion and efficiency by using technology to enhance or automate financial services.

Currently, there are numerous laws governing FinTech operation s in Kenya. The specific laws which govern a FinTech product is determined by the business model used by the FinTech solutions provider. The key solutions in FinTech can be broadly categorised as:

1. Deposit Taking

2. Credit Solutions

3. Payment Solutions

4. Investment Solutions

5. Insurance Solutions

Regulatory Framework

In summary, the following regulations may be applicable:

* this is a general guide only and not an absolute determinant of the laws applicable

Other legal/ regulatory considerations:

Regulatory Approach in Kenya

As highlighted above, there is fragmented regulation of FinTech. Due to this there may be need to engage more than one regulator in a bid to obtain the regulatory licenses required. Based on past novel FinTech solutions approved by the regulators, we are of the opinion that the regulatory attitude within the FinTech sphere welcomes innovation.

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