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Kenya: A Thriving Hub in East Africa

Nairobi, Kenya - With a population of approximately 47.6 million people by 2019, Kenya is the world’s 29th most populous country, making it a significant economic and trade hub in East and Central Africa. The country’s strategic location, bordering several nations with which it has free movement agreements, has made it an attractive destination for investors.

Economic Growth

Kenya has experienced steady economic growth in recent years, with real GDP expanding by approximately 5.6 percent between 2014 and 2019. Prior to the COVID-19 pandemic, the country’s economy was booming, driven by a skilled workforce, sophisticated financial system, and high internet penetration. However, the pandemic took a severe toll on the economy, affecting incomes and jobs.

Rebuilding and Resilience

Despite the challenges posed by the pandemic, Kenya has remained resilient, with its economic agenda anchored in the national development policy outlined in Vision 2030. The “Big Four” plan, which focuses on food security, affordable housing, manufacturing, and healthcare, is a key priority for the government.

Financial Sector Reforms

Kenya is also strengthening its financial sector, aiming to create an efficient and competitive market. The country has launched a Credit Guarantee Scheme to support small and medium-sized enterprises (SMEs), and is working to establish a collateral registry system for movable assets.

Fintech Growth

The Kenyan fintech industry has experienced rapid growth in recent years, driven by mobile penetration and user receptiveness. Mobile money transfer platforms have contributed significantly to financial inclusion, and the country has seen significant growth in mobile lending, banking, digital payments, online trading, and other fintech services.

Cybersecurity Concerns

As technology adoption increases, Kenya is also grappling with cybercrime, having enacted the Computer Misuse and Cybercrimes Act in 2018. The government has taken steps to enhance cybersecurity, including the development of regulations on fintech activities and incentives for innovation.

Fighting Corruption

Corruption remains a significant challenge in Kenya, but the government has taken steps to strengthen governance, transparency, and accountability. The Public Procurement Information Portal has been launched, and all Ministries, Departments, and Agencies are required to publish procurement information and awarded contracts.

Anti-Corruption Efforts

The government has continued to allocate resources to institutions mandated to fight corruption, including the Ethics and Anti-Corruption Commission, Office of the Director of Public Prosecutions, and Financial Reporting Centre. The fight against corruption has also been extended to all public officers, with continuous lifestyle audits and recent arrests and prosecutions of senior government officials and business persons involved in graft practices.

Conclusion

Kenya’s strategic location, economic growth potential, and favorable business environment make it an attractive destination for investors. While the country faces challenges such as corruption and cybersecurity concerns, its commitment to strengthening governance and promoting innovation positions it for long-term success.