Africa is poised to be a 3 trillion dollar economy by 2030. Kenya, with the success of MPESA, has been the economic power house of east Africa. Due to this widely adopted digital payment system, there are big opportunities in building complete digital systems and truly use technology for the aims of financial inclusion.
The MasterCard Innovation Lab, established with a 19 million dollar grant from The Gates Foundation, has created a new product called Kionnect, which is a digital payments solution- from ear to tail- to include micro-small to medium enterprises in the wider financial system, and give them the access and advantages of credit, payment flexibility, and inventory management.
Thank you to MasterCard for hosting us in Nairobi. Thank you to Michael Eliot, Phillip Herrey, Bruno Witvoet, Temitope Seni-Alabede and Dennis Gikunda.
To learn more about the lab in Nairobi, please visit: https://www.mastercard.us/content/mccom/en-us/about-mastercard/corp-responsibility/social-sustainability/the-mastercard-labs-for-financial-inclusion.html/
© 2019 Breaking Banks