David Thuku

CEO's Profile

Theme | Redefining Banking and Finance
Topic | Digital Innovation
MONTH | October 2017

From agriculture and construction, to manufacturing and transportation, technology is changing literally every sector. The banking industry is no exception and possibly has witnessed the most disruption by mobile-based technological advancements. Kenya is recognised the world-over for mobile banking innovation, with M-Pesa by Vodaphone’s Safaricom being one of the most successful fintech products. Originally seen as a competitor, today most banks have adopted coopetition strategies and partnered with M-Pesa to integrate their money transfer and lending products so as to tap Safaricom’s broad base. Banks have also created several products and revolutionised their channels with most recently the industry coming together to introduce East Africa’s first real-time interbank money transfer service called PesaLink. With more disruption anticipated from consumer-driven lifestyle changes and the internet of things, as well as technologies like blockchain introducing cryptocurrencies such as Bitcoin, what will the banking of tomorrow be?

Topic Areas

  • International technological advancements in banking
  • Digital trends in banking in Kenya
  • How banks are mitigating risks associated with digitization