The Central Bank of Kenya (CBK) has signed an agreement with E4Impact Foundation, an Italian organization, to provide support to Kenyan financial technology startups.
The partnership is part of CBK’s plan to promote innovation in Kenya’s financial sector.
Through the agreement, Kenyan start-ups will have access to international investors, markets, and players in the fintech space. Additionally, E4Impact Foundation will offer customized capacity building to fin-techs in the country. The agreement will further push Kenya’s commitment to empowering Kenyan businesses through strategic partnerships and networking.
The agreement builds on the partnership between CBK and E4Impact during the Virtual Africa Hackathon organized by CBK in August 2020. The hackathon focused on solutions to support Africa’s post-COVID-19 recovery. CBK has continued to work with the fin-techs and start-ups that participated in the hackathon as they crystallize their ideas.
CBK and E4Impact Foundation will use programs such as the E4Impact Accelerator Program, Afro-Asia Fintech Festival, and the Annual Hackathon to achieve their goal. All these programs are committed to the development, acceleration and growth of fintech start-ups in the country.
In a statement, E4Impact CEO Prof. Mario Molteni said, “We welcome the opportunity to strengthen our commitment to supporting Kenyan enterprises with their business growth and market development”.
The Central Bank of Kenya Governor Dr Patrick Njoroge said, “Technology and Innovation offer great promise in ensuring the shared prosperity of our citizens. Emerging fin-techs and start-ups need to be nurtured to sustainably play their role in the increasingly pervasive digital finance ecosystem.”