Chinese fintechs gain traction in Kenya amid rising Sino-Kenyan trade

Updated: March 1, 2024 Source: Xinhua News Agency
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NAIROBI, Feb. 29 (Xinhua) -- Chinese fintechs are gaining popularity locally amid rising Sino-Kenyan trade, the Association of Fintechs in Kenya (AFIK) said Thursday.

Chinese payment platforms such as WeChat Pay and Alipay enable Kenyan businesses and individuals to reduce the time required for conducting financial transactions for trade between Kenya and China, AFIK Chairman Ali Hussein Kassim told Xinhua in Nairobi, the capital of Kenya.

"The use of Chinese fintechs is ideal because it takes a few minutes to settle transactions, which is more efficient compared to traditional bank transfers that take about two days," Kassim said during the launch of the inaugural Africa fintech festival.

Munyi Nthigah, secretary-general of AFIK, said that Kenyan fintechs are now seeking to integrate their platforms with Chinese fintechs as the level of Sino-Kenyan trade increases.

Nthigah added that China is now one of Kenya's largest trading partners, hence there is opportunity and demand for Chinese fintechs locally.

He noted that Kenyan consumers have adopted the use of mobile money platforms, which have the advantage of being easily integrated into Chinese fintechs, easing international trade.

Editor: Yang Linlin