TECHNOLOGY – Taking advantage of the tech revolution
PART A: UNDERLYING TRENDS
Set to scale at a rapid pace, technology firms in Kenya are helping serve previously unmet needs.
- Commercial investment is now pouring into Nairobi, as the so-called “Silicon Savannah”. In particular, the capital’s fintech firms are flourishing.
- Agtech is an exciting sector which may approach commercial sustainability soon – owing to increasing product maturity and the digital literacy of younger farmers.
Enabling greater financial inclusion and new business models, mobile money will continue to play a transformative role in the Kenyan economy.
- Mobile money is now a significant force in the Kenyan economy, with the potential to drive financial inclusion and development.
- However, while mobile money is formalising loan practices in Kenya, there is an emerging trend of individuals facing digital debt stress, illustrating the need for greater regulation of the market.
- In a bid to increase efficiency and transparency, more and more government services are being delivered online.
PART B: IMPACT OF COVID-19 ON TECHNOLOGY IN KENYA
COVID-19 has inspired the expansion of e-commerce; highlighted the importance of mobile money; and prompted technology-enabled health and social welfare interventions.
PART C: CONCLUSION
What might a greater emphasis on technology mean for economic transformation?
- AgTech will be a challenging nut to crack, but there are promising signs of rapid innovation, with export-oriented sectors leading the way.
- Policy currently lags behind technological innovation, hindering the acceleration of progress.