On July 19, the Hub and Kenya Investment Authority collaborated to host a panel discussion on regional opportunities in the financial services sector of eastern Africa.
Here are a couple of the takeaways:
- Organizations that provide financial services in the region have experienced growth and challenges in equal measure, prompting some financial institutions to undertake mergers and acquisitions to tap into opportunities while others are doing so to cushion the risks.
“Education on financial services opportunities is required in order to overcome the financial challenges,” said Wilmot Allen Hub’s Transaction Advisor.
- Technology has played a significant role in shaping the financial services sector of eastern Africa. Financial services customers are keen to have banking service available on one platform.
Technology is the biggest shaper/shaker of financial services provision. In the last few years we have experienced lots of changes in financial services provision buoyed by technology. This can be seen through services such as mPesa,” said Managing Director Cellulant, Mr. Ken Njoroge.
Mr. Njoroge added, “the rate at which technology changes makes it hard to keep up with the regulatory issues and aspects within the financial services. As consumers of financial services, the need for technologically advanced banking modules is proving more efficient.”
On July 20, the Kenya Private Sector Alliance (KEPSA) in collaboration with Kenya Investment Authority, United Nations Conference Trade and Development (UNCTAD) and the Hub hosted a high level Chief Executive Officers match making breakfast meeting and discussed how businesses can achieve optimal results while meeting the Sustainable development Goals.
“Dialogue between governments & private sector drives standards that are acceptable. If you impress local investors first you shall also impress foreign investors. Local investors are the best marketers to the foreign community,” said UNCTAD Secretary General Mukhisa Kituyi.
“Building a global supply chain that caters for both local for international suppliers is important to encourage growth of investments. Investors are looking for political consistency and also consistency in the laws,” said the Chief Executive Officer for General Electric Africa.