The Digital Banking Ecosystem
2016 - 2024
2017
PesaLink Launched
The banking industry launches PesaLink to allow real-time, 24/7 person-to-person bank transfers.
2021
Rise of Digital Lenders
A surge in mobile app-based lenders transforms how Kenyans access emergency credit.
Parallel Impact
Formal Loan Access
Limited to collateral
Traditionally, getting a loan required logbooks or title deeds, excluding millions of small traders from credit.
Instant Mobile Credit
No collateral required
Digital lenders use smartphone data to score credit, enabling millions to get loans in seconds, though predatory rates became a regulatory challenge.
2023
Central Bank Digital Currency (CBDC) Pilot
The CBK explores the potential of a digital shilling to enhance payments.