Kenya's financial technology (fintech) strides has assisted millions of people locally and in the region access loan services and finances by customising Artificial intelligence.
Stakeholders in the sector meeting in Naivasha have hailed the technology for accelerating various financial services including insurance policies.
Safaricom Head of Credit and Financial services, Lucy Kiai said financial technologies have enhanced customer satisfaction, improved payment solutions and accelerated last mile inclusion to customers in far-flung regions.
Kiai said fintech had enabled the company with a current customer base of over 30 million on Mpesa out of which 7.5 million access borrowing, debt management and savings services.
"Safaricom has been leveraging Artificial Intelligence to enhance data protection and safety of customers by ensuring customers needs are addressed on time," said Kiai during the ongoing fintech conference.
Kamau Kunyiha, Eastern and Southern Africa regional manager at Credit Info said fintech has enabled financial service sectors to identify profitable customers by leveraging on data that analyses risks prone customers.
He said Kenya has made strides in adoption of financial technologies in the continent.
Kunyiha said the technologies have also provided insights into lending services enabling banking and insurance companies review credit worthiness of customers therefore cushioning them from unforeseen losses.
He said thanks to fintech, 90 percent of loans granted to Kenyans was through the mobile platforms with the youthful generation benefiting more.
Kunyiha called on the government to strengthen the regulatory framework to enhance security of customers' data which he noted risks being abused.
Ecobank Managing Director for Central, East and South Africa Josephine Ankomah said financial technologies have enabled ease access to banking services including access to loan services.
