Kenya has emerged as one of the top countries in sub-Sahara Africa in the handling of alternative finance models. A study by the University of Cambridge’s Centre for Alternative Finance indicates that the value of alternative finance in Kenya last year stood at Sh8.8 billion compared to Sh8.2 billion recorded in 2019. Kenya was also the only country from sub-Saharan Africa that made it to the top 30 ranked markets globally in both 2019 and 2020. The report defines alternative finance as digital lending and capital raising activities available to individuals, businesses and other entities through an online digital marketplace. “Though a somewhat amorphous term, at its core, ‘alternative finance’ includes digital finance activities that have emerged outside of the incumbent banking systems and traditional capital markets and occur online,” says the report.

Source: Standard Digital July 04, 2021 18:01 UTC