AFIK, the Association of Fintechs in Kenya, was officially launched during the CIO Fintech summit 2021 to ensure that there is one voice of all fintechs in the country.
The launch of AFIK intends to accelerate innovations in the financial services industry in Kenya as the country
continues to become a vibrant resource of fintech around the world.
Speaking during the launch, Ali Hussein, AFIK Chairman said, “Fintech is becoming an integral part of life in Kenya and globally. The Association will help bring meaningful conversations to help the country’s economy.”
The association aims to serve as a resource and forum for education, information sharing, and networking between companies, policymakers, and the general public.
“The focus is mostly about encouraging people to join the association of Fintechs in Kenya, we would like to get the train out of the station,” noted Munyi Nthigah, Secretary of AFIK and CEO at Codesign Africa.
The association intends to, among other things, promote communication among and develop cooperation and dialogue between Fintech companies in the country. It will help industry players speak with one voice for the Fintech sector and highlight the significant developments in the Fintech fields and provide pragmatic solutions and to advocate and represent the interests of its members at the policy level, in particular in relation to the National regulatory bodies and to foster sound tech regulations that is beneficial for the overall Kenyan financial market.
“The conversation must change around how we engage with government and other stakeholders with regards to Fintech policy making and regulation. We must ensure there is a unified voice to lead Fintech companies in delivering comprehensive, innovative and understandable financial services products for all Kenyans,” Ali added.
Marietta Gachegu, the Treasurer of the association noted the need for a collaborative approach, that it is important to have different players contribute to the association’s membership and policy making.
AFIK was launched during a panel discussion at the 2021 #CIOFintechSummit. The panel was moderated by Harry Hare, the Chairman, CIO East Africa.