State requlation of FinTech good for consumers and businesses alike

The sector needs regulations to foster strong growth of the FinTech ecosystem. [iStockphoto]

Financial technology, often referred to as FinTech, has become an integral part of the Kenyan financial ecosystem. Emerging FinTech, including mobile wallets, mobile money transfer platforms, digital lenders, and payment service providers, are redefining how financial institutions deliver services in an industry long defined by slow to innovation.

The swift evolution of FinTech is today more than a disruptor. The transformation has also allowed banks and the more mainstream and traditional financial players to rapidly reinvent their entire value chain of financial services, helping expand access to finance for under-served consumers.