Financial technology companies should match their offerings with the requirements of the customers to remain viable and relevant.
In a significant stride towards financial equality, Kenya has made remarkable progress in expanding access to credit and advancing financial inclusion over the past 13 years, with the launch of M-Shwari. This digital financial service has been instrumental in providing millions of Kenyans, particularly those in the informal sector, with the opportunity to build resilience, ease financial stress, and unlock opportunities.
According to Tala's 2025 Impact Report, in partnership with 60 Decibels, fintech innovation is playing a pivotal role in this transformation. The report finds that 67% of digital credit customers have experienced an increase in their income, and 60% of women using Tala now feel more confident in making financial decisions.
Financial services can act as social equalizers, as shown by the report's finding that when women gain financial confidence, households become more stable, and children are more likely to remain in school. This empowerment is evident, with more than 90% of customers stating that the loans helped them address urgent needs such as school fees, medical bills, and business cash flow gaps.
However, the report also highlights critical challenges in Kenya, including a weak savings culture and financially unhealthy behaviours. To address these issues, fintech innovation must align with the financial health journey of everyday Kenyans, requiring products to prioritise flexibility to adapt to irregular income flows.
Affordability and transparency are essential in inclusive finance. Hidden charges and complex terms have no place in this sector. Fintech can provide access to savings opportunities, offer financial education, and help customers build credit histories.
The commitment of financial services providers should be to listen, learn, and innovate with customers at the centre. When fintech delivers real impact, it transforms millions of futures, enabling the shift from surviving to thriving. The General Manager of Tala Kenya, the author of the 2025 Impact Report, emphasises this transformation, as 93% of digital credit customers report an improvement in their quality of life.
The future of Kenya can be transformed through fintech innovation. As this sector continues to evolve, it holds the potential to not only improve financial inclusion but also empower individuals, stabilise households, and drive economic growth.
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