The Kenya Bankers Association (KBA) has signed a partnership with tech-firm Huawei-Kenya that seeks to deepen financial inclusion in the banking sector through deployment of technology and building fintech capacity. In the partnership, KBA will work closely with Huawei-Kenya to spearhead industry wide capacity building initiatives aimed at promoting knowledge on financial technology innovation, digital transformation and other information communication technology (ICT) -related programmes in the banking industry. Under the partnership, KBA and Huawei will also aim to promote financial inclusion activities in line with the latter’s strategic plan for the period 2020 to 2023. Launched last year, the plan seeks to promote access to affordable financial services through tech-aided operational efficiency.
Speaking during the signing of the agreement, KBA’s chief executive officer Dr. Habil Olaka said the cooperation would go a long way in promoting the delivery of efficient banking services in Kenya through knowledge-sharing programmes that will be organized by the two institutions.
“This partnership will further focus on research and knowledge-sharing activities, which will supplement the research initiatives that continue to be spearheaded by the association’s centre for research financial on markets and policy. In this regard, the collaboration will certainly augment KBA’s and member banks’ knowledge base in engagements with diverse stakeholders from a fact-based perspective,” Dr. Olaka added.
The partnership comes on the heels of the 2020 edition of the Huawei-KBA Online FSI Summit that was held at the end of September. The forum is among the initiatives Huawei and KBA are jointly implementing to promote the delivery of efficient banking services through technology under this agreement. Huawei-Kenya chief executive officer Mr. Will Meng welcomed the partnership, saying technology will remain a core driver towards enhancing convenient access to financial services in light of disruptive occurrences such as the Covid-19 pandemic.
The summit came at a time when the global economy is coping with the impact of the Covid-19 pandemic. Dr. Olaka noted that the banking industry has continued to tap into the potential of technology to uphold business continuity and supporting customers, a culmination of efficient deployment of technology by the banking sector during this period. “Beyond the Covid-19 disruption, we see technology as an invaluable enabler of financial inclusion. I have no doubt that the summit along with the KBA-Huawei collaboration will play a significant role in our collective efforts to entrench technology in our operations and sustain our contribution to the national development agenda,” Dr. Olaka said.