ABSTRACT
The COVID-19 pandemic has demonstrated that innovations in fintech are instrumental in bridging the gap for marginalized groups within the region through the provision of essential services. In many emerging markets and developing economies – characterized by strong growth in all types of digital services – the fintech market has continued to help expand and access financial services. The dynamism of digital innovations requires constant innovation through relevant upgrading, something that telecommunication companies should invest in. Governments have a crucial role to play in promoting digital technologies and financial inclusion. Pro-innovation frameworks and services should have the capacity to incentivize the scaling up and shift of transactions across borders and digital channels. In Kenya, studies have shown that a large proportion of M-Pesa mobile money users comprise small and medium enterprises. This calls for evidence-based research that would support the development of strategies to scale up digital systems in these informal sectors and expand financial access across low-income consumers.
