TECHNOLOGY – Taking advantage of the tech revolution

Chapter Contents:

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.