The Kenya Bankers Association (KBA) dove deeper into the world of tech after signing a collaboration agreement with tech company Huawei Kenya that aims to deepen financial inclusion in the financial sector.
Together with Huawei, KBA will lead an industry-wide capacity building initiative to promote knowledge on FinTech innovation, digital transformation and other ICT-related programs within of the Kenyan banking sector.
Ensuring that the technology exists becomes the future of the financial industry, making it affordable, efficient and in line with KBA’s strategic plan for 2020-2023.
“This partnership will focus more on research and knowledge sharing activities, which will complement the research initiatives that continue to be led by the Association’s Center for Financial Markets and Policy Research. In this regard, the collaboration will certainly increase the knowledge base of KBA and member banks in engaging with various stakeholders from a factual perspective, ” said KBA CEO Dr Habil Olaka.
The partnership follows the 2020 edition of the Huawei-KBA Online FSI Summit scheduled for September 30, 2020. The forum is part of initiatives that Huawei and KBA are jointly implementing to promote the delivery of efficient banking services through technology in under the cooperation agreement.
Huawei Kenya CEO Mr Will Meng has expressed optimism and confidence in the partnership he sees as the future of financial services, especially at a time when Covid-19 has upended traditional ways of doing business. things.
The theme of the next summit is ‘Strengthening the banking sector’s core competencies through digital transformation to accelerate inclusive finance’. This is one of the initiatives that we are rolling out in Kenya in partnership with the Association to ensure that we are making the most of technology to achieve affordable and accessible financial services in the regional economy, ” said Mr. Meng.
In recent months, the unexpected painful bump of Covid-19 has sparked a new wave of technological adoption in different industries; a movement that was originally thought to take more time. The banking sector has continued to harness the potential of technology and adopt innovative ways of effectively deploying technology in service delivery.
“Beyond the disruption of Covid-19, we see technology as an invaluable catalyst for financial inclusion. I am confident that the summit as well as the KBA-Huawei collaboration will play an important role in our collective efforts to entrench technology in our operations and support our contribution to the national development agenda, ” said Dr Olaka.