Kenya calls on Africa to adopt digital finance to boost economic growth

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digital economy
digital economy

Kenya on Thursday urged African nations to adopt digital finance in order to boost their economic growth.

Maureen Mbaka, chief administrative secretary, Ministry of Information, Communication and Technology (ICT), Broadcasting and Telecommunications told a finance forum in Nairobi that the use of digital financial services by businesses in Kenya has already accelerated the growth of small-medium enterprises (SME) sector, a model that many more African countries can adopt.

“Digital financial services will accelerate financial inclusion, improve e-commerce output and safety while enhancing Africa’s competitiveness globally,” Mbaka said during the Africa Digital Finance Summit.

The two-day event, themed “decentralized finance; our pathway to financial freedom”, brought together governments, central banks, startups, professionals and decision-makers across the world in the financial, economic, technology and blockchain industry to deliberate and forge a pathway towards the future of finance in Africa.

Mbaka also called on Africa to put in place proper policies and legislation in order to encourage the continent’s residents to leverage on digital finance in their businesses and everyday transactions.

She observed that more than ever, Africa needs policies that facilitate and harmonize digital transactions across the globe. Enditem

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