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'How to Navigate Digital Transformation in Kenya’s Financial Services Sector

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'How to Navigate Digital Transformation in Kenya’s Financial Services Sector

Stella Situma, Partner in the Banking, Finance & Projects practice at CDH Kenya, was recently featured in People Daily, discussing 'How to Navigate Digital Transformation in Kenya’s Financial Services Sector.'

26 Nov 2024 1 min read Article

Stella highlighted Kenya’s position as a digital powerhouse, with its banking and finance sector leading the charge in technological innovation. This rapid evolution, driven by advancements in technology and shifting consumer expectations, has introduced a complex legal landscape, particularly concerning consumer protection, data privacy, and regulatory compliance.

Stella emphasised the critical role of fintech solutions, such as mobile money platforms like M-PESA and Digital Credit Providers (DCPs), in reshaping the industry. However, the growth of these innovations has also underscored the need for robust consumer protection laws.

Stella pointed to the Central Bank of Kenya’s DCP regulations as a response to challenges like exploitative interest rates and unethical debt collection practices. These regulations reflect growing demands from both consumers and the government for greater transparency and respect for consumer rights within the financial services sector.

"In the digital age, consumers are no longer passive users; they are informed and quick to act when their rights are breached," Stella noted. For financial institutions, this shift means that consumer trust is not just a competitive advantage but a necessity for long-term sustainability. Transparency, ethical practices, and data privacy must now be integral to their operations to meet these rising expectations.

Read the article below:

STELLA~1

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