Kenya's fintech sector is on the brink of transformation as a new proposed law seeks to usher in an era of open finance. Currently, payment methods like M-Pesa, Airtel Money, and bank apps create distinct routes for transactions.
This new legislation aims to break down these barriers, promoting interoperability among various digital financial services. As a result, customers will have the ability to share their financial data with multiple service providers.
The shift towards open finance could significantly enhance customer experience and competition within the fintech industry, paving the way for more innovative financial solutions in Kenya.