Africa has experienced rapid and almost exponential growth in the financial sector as Fintech startups emerged in various countries across the continent. The East African countries have also experienced the same.
There are up to twenty countries in the East African region, however, Kenya is considered to have a more robust Fintech ecosystem followed by the fast-rising Fintech industry in Tanzania.
Listed below are the top five fintech startups in East Africa.
This Fintech Startup is located in Kenya, founded by Andrew Mutua in 2018. PesaKit is said to be an app for the smart agent as it involves an AI-powered chatbot that communicates the money flow to these agents.
This Fintech was founded by Cynthia Wandia in 2018, it offers a platform-as-a-service banking service and aid savings and credit cooperative organizations (SACCOs) access funds, banks, and other financial services.
SACCOs account for over thirty percent of Kenya’s savings platform, Kwara, therefore, signs up their users on any SACCO of their choice and they can track their finances and access loans easily from the Kwara platform.
In 2019, Kwara won the Global Fintech Hackcelerator in Kenya and was among the selected Fintech startups in the BFA Global Catalyst Fund recent cohort.
Nala is a Fintech startup located in Tanzania, it provides a platform that allows it conducts Peer-to-Peer transactions, make payments, pay bills, and other general financial activities without an internet connection.
Nala was founded by Benjamin Fernandes in 2017, and in 2018 it won the Ecobank Fintech
Challenge and in 2019 was accepted in the Y-Combinator.
Nala focuses on helping their users grow financially as it believes everyone can walk the path of financial excellence, therefore as well as savings users are offered investment opportunities too.
This is also one of the fintech startups in East Africa located in Tanzania. It is the first African trading platform powdered with AI. A-Trader was founded in 2016 by Andrew Tesha.
A-Trader’s highlighted working initiatives are centered around bridging the gap between Africa and the European financial sector. A-Trader enables everyone on its platform to trade alike on Dar Es Salaam Stock Exchange (DSE).
A-Trader uses data science and AI on its platform to provide both savings and investment opportunities that can be accessed using either a smartphone or a USSD phone.