The International Centre for Strategic Alliances has held its 20th edition of the Connected Banking Summit Innovation and Excellence Awards 2025 with the aim of fostering digital transformation, financial innovation, and sustainability in shaping East Africa’s financial future.
The summit, themed ‘Empowering East Africa’s Financial Future,’ brought together stakeholders, including global executives, experts, and leaders in privacy and security, to discuss the latest advancements in digital transformation.
Speaking during the summit, the Principal Secretary for ICT and Digital Economy Eng. John Tanui highlighted the rapid population growth in East Africa and its implications for the financial sector citing World Bank data.
“The region’s population is projected to reach 850 million by 2050, necessitating innovative financial solutions to cater to an increasingly youthful demographic,” he said.
The PS highlighted the transformative impact of financial technology on economic growth and inclusion, emphasizing Kenya’s position as Africa’s ‘Silicon Savannah.’
Tanui outlined key opportunities in the fintech sector, including digital lending, mobile money, blockchain adoption, and AI-driven banking solutions. He also noted Nairobi’s emergence as a global venture capital hotspot, attracting investors eager to support high-potential startups.
“With advancements in digital infrastructure such as 5G, cloud computing, and AI-powered services, Kenya is poised to drive financial inclusion and smart city development. These innovations are not only enhancing local banking services but are also unlocking cross-border opportunities within the East African Community (EAC),” he said
The PS emphasized the immense investment potential in the EAC, which now includes Somalia following its recent admission. He pointed to key opportunities in cross-border banking, digital payments, microfinance, and sustainable investments.
“The financial sector must adapt to emerging trends, including the increasing demand for Islamic banking and the rise of green finance initiatives,” said the PS.
Additionally, the PS reiterated that the region’s banking sector is undergoing significant transformation, with efforts underway to harmonise financial regulations.
“Kenya is also exploring the potential of Central Bank digital currencies (CBDCs) to enhance financial inclusion and streamline payment systems. As more institutions transition to cloud-based services, we are witnessing a transformation in the financial sector,” said the PS.
“Robust cybersecurity measures are essential to safeguarding digital transactions, recognising that blockchain enhances transparency and security in financial transactions, while AI powers credit scoring, fraud detection, and personalised banking experiences,” he said.
The PS called for collaboration among policymakers, financial institutions, and tech innovators to drive responsible digital transformation.
“The future of East Africa’s financial sector depends on our ability to embrace innovation while ensuring regulatory frameworks that promote sustainability and security,” he stated.
Eng. Tanui reaffirmed the Ministry’s dedication to the Bottom-Up Economic Transformation Agenda (BETA) through improved connectivity.
“As part of the Digital Superhighway and Creative Economy initiative, the Ministry aims to extend broadband access to all 74,000 public institutions. By mid-2025, 67,000 institutions are set to be connected, with an additional 50,000 in the following two years,” he affirmed.
This initiative will enhance public service delivery, stimulate private sector investment, and accelerate Kenya’s digital transformation.
Making his remarks, International Centre for Strategic Alliances (ICSA) Vice President Mohammed Thoufiq noted that since its inception in 2014, the event has driven transformative discussions, innovations, and collaborations that have shaped banking, financial services, and insurance across East Africa and the continent.
“This summit remains a key driver of digital transformation and financial inclusion in the region, bringing together industry leaders with decades of expertise. This year, we are privileged to host distinguished speakers who will share valuable insights to further the growth and development of the sector,” he stated.
By Joan Ogolla
