It seems Nigeria 🇳🇬 is an entire different market from Kenya 🇰🇪 and East Africa b/c of Telcos/MNO/mobile money led digital financial services in East Africa in the last decade/1
We have always known that Nigeria 🇳🇬 was / is a Bank 🏦 led market, versus Kenya 🇰🇪 East Africa where Telcos unbundled some financial services from Banks since 2007
https://twitter.com/pesa_africa/status/1198530210758582272?s=20/2
https://twitter.com/pesa_africa/status/1198530210758582272
On this side of the continent, payments already dominated by non-bank players , but the real impact of Telcos led digital finance was spurring banks 🏦 into adapting by opening up digital channels /3
Nigeria 🇳🇬 took the card route to payments and it seems only now they moving to mobile money.
Kenya 🇰🇪 been on Mobile money since 2007! /4
Kenya 🇰🇪 been on Mobile money since 2007! /4
I’m surprised Nigerians are still having the “banks” vs “telcos” debate with Fintechs now in the mix.
Nigerian banks looking at Kenya 🇰🇪 and East Africa probably know what’s coming if they relent /5
Nigerian banks looking at Kenya 🇰🇪 and East Africa probably know what’s coming if they relent /5
I see Nigeria’s 🇳🇬 Central Bank backing Legacy banks by all possible regulations necessary.
Kenya 🇰🇪 has been different b/c banking regulators are only waking up now. But banks have adapted fairly well /6
Kenya 🇰🇪 has been different b/c banking regulators are only waking up now. But banks have adapted fairly well /6
I’ve noticed Nigerian Fintechs come to Kenya 🇰🇪 try their luck but fall short.
I’ve seen Pan African Fintechs come to Kenya 🇰🇪 try their luck then pack up and move to Nigeria 🇳🇬
All the action seems to be in Nigeria 🇳🇬/7
I’ve seen Pan African Fintechs come to Kenya 🇰🇪 try their luck then pack up and move to Nigeria 🇳🇬
All the action seems to be in Nigeria 🇳🇬/7
Kenya 🇰🇪 is tough b/c we’ve gone through multiple cycles of digital financial services and product iterations and experiments. Kenya is a living breathing Fintech lab!
In Kenya 🇰🇪 there are no shortcuts, the low hanging fruit products have been exhausted /8
In Kenya 🇰🇪 there are no shortcuts, the low hanging fruit products have been exhausted /8
I think Mpesa is probably Kenya’s Kuda Bank. Mpesa is the Fintech unicorn well established. Now Mpesa goes after scraps and everyone else /9
I think all that is left in Kenya 🇰🇪 is Real economy innovations like informal businesses , maybe cross border stuff to non East African regions... and crypto of course /10
Nigeria 🇳🇬 also has a long history with capital controls and FX restrictions, so the Central Bank 🏦 has more control on inflows and outflows Kenya 🇰🇪 is fairly reasonable /11
Someone should map Nigeria’s 🇳🇬 Fintech history against Kenya’s 🇰🇪 Fintech history. In addition, map all the Fintech products tried and tested in Kenya 🇰🇪 and Nigeria 🇳🇬 against a timeline
My bet is Kenya 🇰🇪 leads /12
My bet is Kenya 🇰🇪 leads /12
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