Kenya is one of the fastest growing economies in the world. With the country ranking fifth in the world for most online transactions and having one of the most advanced internetb populations anywhere in the world, it is easy to see why companies are choosing to set up shop there.

While internet service in Kenya is among the world’s best, there is still considerable room for improvement in terms of speeds and coverage. As a result, many companies have chosen to develop ICT Solutions in Kenya that specifically targets the country’s needs and wants, addressing the gaps in connectivity and offering innovative solutions to residents.

Here, we’ll highlight five emerging technology solutions that are currently changing the game in Kenya, and why you should care.

5 Emerging Technologies That Are Changing The Game In Kenya

Mobile Payments

Innovative payment solutions like mPesa, M-Pesa, and the many other alternatives available have caused quite the stir in the Kenyan payments market. Thanks to the ease of use and flexibility of these services many people are choosing to ditch the traditional bank accounts and instead rely on their phones to make all their payments. There have been several large-scale studies that have shown the advantages of mobile payments and the impact that it is having not only on user experience but also economic development in the country. In 2016, for example, the International Telecommunication Union estimated that there were 182.8 million active mobile subscribers in Kenya, accounting for 63% of the population. The study also forecasts that by 2021 this will rise to 250 million active users – accounting for 77% of the population. In addition to improving financial inclusion for the country’s residents, mobile payments are also boosting business productivity. Several studies have shown that mobile payments boost employees’ morale as they are able to get their jobs done without leaving the comfort of their offices. Thanks to new mobile payment services like KakaoPay, businesses can now send out employee pay packets and manage payroll from within the app.

Virtual Banking

The growing popularity of cryptocurrency and the impact it is having on the financial services industry has created a whole new world for virtual banking. Thanks to platforms like LionBank and Mashape, which provide anyone with a mobile device with the capability of handling cryptocurrency, individuals can now carry out all their banking and financial activities from the convenience of their smartphones. Virtual banking solutions like these allow people to access their accounts and make transactions easily and securely, eliminating the need for physical bank visits and the dread of having your card stolen. With more and more businesses moving towards cutting edge technology to improve productivity and lower costs, virtual banking is gaining popularity as a way of gaining efficiency whilst also lowering the burden on businesses.

Blockchain

In 2016, the world’s largest investment firm, Global Investment Review, valued the blockchain technology market at $16.7 billion and forecasts that this will grow to $26.9 billion by next year. According to GIR, the blockchain market will grow at a CAGR of 58% between now and 2023, reaching $26.9 billion in terms of value and 40.5 million users by 2023.

A blockchain is, essentially, a distributed ledger that is maintained by a network of users (called nodes) and can be used to keep track of finances, transactions, or any other kind of data. One of the most popular and well-known blockchains is the Bitcoin network, but many other industries, like healthcare, supply chains, and government, have also embraced this technology to enhance their processes and interactions with customers or vendors. In fact, the blockchain technology behind the Ethereum platform is powering the growth of the Ethereum ecosystem, which now includes over 1,400 active projects. Thanks to the immutability and transparency of blockchain technology, businesses can rest assured that their transactions will be accounted for and that their privacy is being protected.

Robo-Advising

To save businesses time and money, artificial intelligence (AI) is being used to automatically provide advice to customers and/or manage their interactions with employees. Thanks to platforms like Harrison, Elyve, and BizEaze, businesses can implement AI-powered virtual assistants that can answer all their questions, provide guidance on daily tasks, or handle their marketing activity. These solutions can dramatically reduce the need for Human Resources departments to handle customer calls, reduce admin errors, and increase customer satisfaction. Businesses can also save money by implementing AI-powered virtual assistants as employees are no longer forced to take time out of their schedules to assist customers over the phone.

Augmented Reality/Virtual Reality (AR/VR)

Augmented reality (AR) is, essentially, a technology that merges the physical and digital worlds. Thanks to AR, customers can now have virtual tours of buildings using their smartphones, which is opening up incredible possibilities for realtors, travel agents, and other businesses in the tourism industry. Traveling to distant lands and experiencing culture shock can be a traumatic experience, but with the help of AR and VR technology, tourists can now learn more about a place and its people without having to leave the comfort of their homes. AR can also be used to enhance business interactions by allowing customers to virtually try on different items or choose from a range of products that they might like, without leaving the convenience of their homes. For example, if a customer is interested in purchasing a jacket, they can virtually try on various types and styles to find the one that suits them best.

AR/VR technologies can also be used to enhance business processes and interactions. Thanks to AR/VR, businesses can allow their customers to virtually try out different products and services, provide access to online resources, and connect with staff remotely, all from the comfort of their offices.

The Next Big Thing In Kenya?

These are just a few of the emerging technologies that are changing the game in Kenya. To stay up to date with the latest solutions and how they can benefit your business, subscribe to our newsletter or follow us on social media. Alternatively, if you’d like to learn more about how you can put these technologies to work for you, contact our business partners or submit a job offer.