The Kenya Bankers Association (KBA) has signed a collaboration agreement with tech-firm Huawei-Kenya that seeks to deepen financial inclusion in the banking sector through further deployment of technology and building fintech capacity.
In the partnership, KBA will work closely with Huawei-Kenya to spearhead industrywide capacity building initiatives aimed at promoting knowledge on financial technology innovation, digital transformation, and other ICT-related programs in the banking industry.
Under the partnership, KBA and Huawei will also aim to promote financial inclusion activities in line with the KBA 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 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 programs 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 slated for 30th September this year. The forum is among the initiatives Huawei and KBA are jointly implementing to promote the delivery of efficient banking services through technology under the cooperation 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 ongoing Coronavirus Disease pandemic.
‘’The theme of the upcoming summit is ‘’Building Banking Core Competence through Digital Transformation to Accelerate Inclusive Finance’’. It is one of the initiatives we are rolling out in Kenya in partnership with the Association to ensure we optimally leverage on technology to achieve affordable and accessible financial services in the regional economy,’’ said Mr Lee.
The summit comes at a time when the global economy is coping with the impact of Coronavirus Disease. 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.
About the Kenya Bankers Association:
KBA was founded on 16th July 1962. Today, KBA is the financial sector’s leading advocacy group and banking industry umbrella body that represents total assets in excess of USD 40 billion. KBA has evolved and broadened its function to include advocacy on behalf of the banking industry and championing financial sector development through strategic projects such as the launch of the industry’s first P2P digital payments platform PesaLink. In line with the Government’s policy on public-private partnerships, KBA and Central Bank of Kenya have implemented key projects such as modernization of the National Payments System through the Automated Clearing House, implementing the Real Time Gross Settlement System (RTGS), and the Kenya Credit Information Sharing Initiative. The KBA members are comprised of commercial banks and deposit-taking microfinance banks.
Founded in 1987, Huawei (www.Huawei.com) is a leading global provider of information and communications technology (ICT) infrastructure and smart devices. We are committed to bringing digital to every person, home and organization for a fully connected, intelligent world. We have more than 194,000 employees, and we operate in more than 170 countries and regions, serving more than three billion people around the world.