Top 20 FinTech Companies in Kenya

Hey, it’s Elijah again from Origin Finance. Today I’ll be discussing about fintech bank in Kenya. A fintech business bank account helps you manage your money.

Financial sector companies play a big role for those making payment transactions. In this article, I’ll provide different fintech examples. The following is a list of digital banks that you can start using today.

Fintech payment companies

The following are some of the financial services companies you can find in Kenya:

Zenka

Zenka Mobile Lending App is a well-known mobile lender in Kenya. It provides quick lending solutions without requiring collateral. Loans from Ksh500 to Ksh42,000 are available through the Zenka Loan App. The processing cost for the loans varies from 9 to 39%.

Zenka applies interest of one percent (1.5%) per day on the principal balance. This is if you don’t pay Zenka any money within the allotted time. They may charge extra processing fees or interest on the amounts they gave you. This can be up to the total loan amount.

Watu Credit

Watu Credit Limited is a microfinance institution providing FinTech payment solutions. It focuses on sustainable, and emerging markets. It provides motor car and boda boda loans.

Value-added services and the asset’s retail price make up the loans. You can find in the value-added services the costs for the GPS tracker, and logbook transfer. You can also find full insurance coverage and customer support. This is a payment company with a round-the-clock emergency response team.

Pezesha

This is a peer-to-peer lending platform that provides loan management services. It started in 2016. This Africa-focused digital platform helps connect potential borrowers to lenders.

Lipa Later

LipaLater is another FinTech payment processing company. This leading fintech services firm helps African retail and e-commerce customers. The company helps consumers and businesses buy things they can’t afford. This is done at the point of sale by providing point-of-sale financing.

LipaLater offers a distinct Buy Now and Pay Later API. Merchants may incorporate this banking API into their online storefronts. This makes it possible for businesses to provide customers with flexible payment choices.

Asilimia

This is one of the digital banks that also provides a simple way to manage your business. If you are a microentrepreneur, this fintech startup will help you digitize your money. Everyone can get affordable finances with the platform.

The platform offers fintech payments through mobile money transactions. Leja is a digital ledger app owned by ASILIMIA. It lets company owners handle their financial activities in real time.

To apply for a loan through Leja, you must be a registered user for three months. Click the “Loan” tab on the homepage. Finish the KYC process by entering your profile photo.

Kwara

Kwara is a startup banking service that helps credit unions. It helps them conduct and manage their operations. The company enables savings and credit cooperative societies (Saccos) to digitize their services.

Kwara’s solutions are designed to upgrade credit unions into modern digital banks. The company’s digital banking platform features an open API. The banking API providers enable credit unions to digitize their operations.

Lendable

Lendable is a platform for investments and alternatives that leverage technology. It focuses on options with a global impact.

Lendable offers loan funding to those with a fintech bank account. They have to be operating in frontier and emerging regions. Their goal is to establish impact investing as a competitive asset class.

Bamba

This is another fintech app for businesses to manage their operations. They do this from their phones with the help of the Android app Bamba.

DigiDuka

This is another one of the fintech banking companies based in the Nairobi region of Kenya. Digiduka offers social commerce technologies and digital financial services. They offer this to unofficial retailers around Africa.

Bitsoko

A mobile wallet called Bitsoko uses blockchain technology in its fintech products. This is to try to cut down on the expense of sending money between two people.

Branch

Branch is another fintech company in Kenya that provides instant loans via smartphones. Use the Branch wallet to transfer and save money, then use it to pay your expenses. Ksh 500 to Ksh 300,000 is the range of personal loans you can get.

With no need for physical documents, Branch is the top personal financial app in the world. It is in our fintech banks list as it offers fast access to loans.

Cellulant Cooperation

This is a platform for digital payments for African businesses and financial institutions. The leading African payments provider for small, medium, and large enterprises is Cellulant.

This is one of the digital payment companies that offers a unified API for payments. It facilitates both online and physical payment collection for businesses.

Customers can make payments using their bank account, or local or international cards. They can even use mobile money, such asMpesa Kenya.

Sovtech

SovTech is Africa’s top software development firm. It has more than ten years of experience. SovTech serves a wide range of clients, including commercial businesses and agricultural firms.

They also serve those who provide financial services. It is one of the largest blockchain software labs in Africa and was launched by SovTech.

Abacus

You may begin investing in the NSE with ease thanks to Abacus. You need a Ksh 1,000 deposit to buy equities in multiples of 100, 500, or 1,000. With up to 9% p.a. on Abacus, you may gain more for your money whether you’re saving for an unexpected expense, a car, or a house.

Abacus is the product of more than a decade of market expertise. It holds a data vendor license from the Nairobi Securities Exchange. This banking software company represents Sanlam. It also represents Old Mutual Limited and Genghis Capital Limited as their agents.

AZA Finance

AZA Finance is one of the cross-border payments companies. It facilitates cross-border money transfers. It provides inexpensive foreign exchange to help businesses expand

BitPesa

BitPesa is an innovative platform that is a cross-border payments fintech. It revolutionizes the way businesses send and receive payments inside sub-Saharan Africa. centered around utilizing cutting-edge blockchain

FlexPay

Flexpay is a merchant-embedded saving-based purchase experience (Save Now, Buy Later) that offers a flexible payment option that allows customers to make purchases and pay for them over time, rather than paying the full amount upfront.

Flexpay chamas are essentially structured groups of savers that run for two months, from July to December, and from January to June. Every saver receives the entire amount saved during the phase’s duration during the disbursement.

Apollo Agriculture Ltd.

This is one of the best fintech banks for small-scale farmers. It enables them to increase their revenues with the aid of Apollo Agriculture. This is a Nairobi, Kenya-based technology company.

Chipper Cash

Along with the UK, Chipper Cash caters to markets across Africa. These include Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya. It is one of the fintech payment companies and was launched in the United States. In particular, they provide the sending of private payments to loved ones.

Direct Online payment

Direct Pay Online offers a real-time, cloud-based processing platform. It comes with cutting-edge technology that enables a variety of transaction types. Direct Online Payment is available in Nairobi. It is a Kenyan suburb-based fintech business bank account that processes payments online.

Final Thoughts on the Top Digital Banks in Kenya

These are some of the top digital banking companies in Kenya. I hope they’ll help you start making payments today. Remember, digital banking companies provides various ways for sending and receiving money.

Frequently Asked Questions

Hey Elijah, How can I launch a FinTech business in Kenya?

The Fintech business needs to apply for a license from the Central Bank of Kenya (CBK). This is if it offers digital payment or banking products and services. A business strategy, application, and other supporting materials must be submitted for this.

Hey Elijah, what difficulties are Fintechs in Kenya facing?

There are a few difficulties facing fintechs in Kenya. The absence of a well-defined regulatory framework is a good example. There are no clear regulations in Kenya’s fintech legal landscape. Some of these include regulatory agencies’ limited capability and unpredictable tax laws. Another one is insufficient government backing.

Hey Elijah, what is the size of Kenya’s FinTech market?

According to Statista.com with an AUM of US$29.60 million in 2024, the largest market will be digital assets. In 2024, the average annual percentage rate (AUM) per user in the digital assets industry may reach US$6.47.

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