• As of November 2022, Kenyan fintechs accounted for 30.2% or 93 out of 308 tracked tech startups.
• The fintech sub-sector alone accounted for 3,100 or 27% of the 11,462 people employed by tech startups.
• Remittances (24%) and lending and financing (21%) appear to be the more popular categories for Kenyan fintechs.
In a recent study conducted by Disrupt Africa, it was found that many Kenyan tech startups are in the fintech sector. As of November 2022, there were 308 tracked tech startups, with fintechs accounting for 30.2% or 93 of them. This is almost triple that of the nearest challengers, agri-tech and e-health, which both accounted for 10.1%. Furthermore, the fintech sub-sector alone accounted for 3,100 or 27% of the 11,462 people that were employed by tech startups during the same period.
This is not surprising, according to the report, as fintech ventures are solving fundamental problems for the populace and offer attractive returns for investors. It also noted that remittances and lending and financing were the more popular categories for Kenyan fintechs, accounting for 24% and 21% respectively. This is likely due to the fact that these areas cover many financial needs that people have.
Apart from fintechs, the study also found that agri-tech and e-commerce accounted for more than a thousand employees. These tech sub-sectors are also playing a role in improving the lives of many people in Kenya and helping to drive the country’s economy.
Overall, the findings of the study have shown that the fintech sector is playing a major role in the Kenyan tech startup space. It is encouraging to see that more and more people are turning to tech to solve their financial problems and that there are plenty of companies out there that are providing innovative solutions.