Kenya has cemented its position as one of Africa’s leading digital payments markets, driven by the rapid growth of mobile money, supportive regulations, expanding mobile technology access, and a thriving fintech sector, CapitalPay International Managing Director Alvin Okari has said.
Speaking during a Radio Generation interview on Thursday, Okari said the country’s progress in digital finance has transformed how millions of people access payments, credit, and business opportunities while advancing financial inclusion across the economy.
He attributed the growth to a combination of innovation, investment in technology, and policies that have allowed digital financial services to flourish.
Okari described CapitalPay International as a company focused on increasing access to technology and digital services across different sectors and countries through digital transformation initiatives.
“We champion digital transformation, digital innovation, digitizing different services within different sectors, whether it's logistics, e-government services, or ag-tech, to bridge the digital divide between the people of the countries where we operate and the technologies that we bring to them,” he stressed.
The company currently operates in Kenya, Uganda, Tanzania, South Sudan, the United Kingdom, the Philippines and the Caribbean, offering solutions designed to address local challenges in each market.
According to Okari, Kenya’s digital transformation journey gained momentum between 2008 and 2010 as more people gained access to mobile phones, internet connectivity improved, and innovative financial products entered the market.
“Government has been able to protect that investment by making sure that policies and regulations are there for financial services to exist, not only for the telcos but also for fintechs,” he outlined.
He said the country’s regulatory environment has supported the growth of financial technology firms and expanded access to services for both individuals and businesses.
Okari noted that Kenya now has more than 30 licensed payment service providers and over 300 licensed digital credit providers serving retail customers, small businesses and micro enterprises.
“Today Kenya, we have over 30 licensed PSPs and over 300 licensed digital credit providers who are providing access to credit to retail customers, SMEs and micros.”
He added that digital lending has changed the borrowing experience, making credit more accessible than it was a decade ago.
“Ten or fifteen years ago, you had to go to a microfinance institution, a bank or a shylock, fill in many forms and leave collateral. Things have changed.”
Okari estimated that Kenya has more than 40 million registered mobile money users, a milestone he linked to widespread mobile phone ownership and increased access to information.
Drawing from his two decades of experience in telecommunications, mobile money and financial services, he said digital payments have fundamentally changed how people transact and access services.
His career has included roles at Safaricom, Tigo, MTN and Airtel Africa across 16 countries.
“People can be able to move money without necessarily moving themselves,” he said, recalling the early impact of mobile money services.
Comparing Kenya with other markets in the region, Okari observed that the country remains distinct because of its extensive use of SIM Toolkit technology for mobile transactions, while many neighbouring countries continue to rely largely on USSD-based platforms.
He also pointed to the entrepreneurial mindset of Kenyans as a key factor behind the rapid uptake of fintech products and services.
“Kenyans are very curious, they want to get ahead, and they are agile,” he said. “The entrepreneurial spirit of Kenyans is different, and that has been one of the fundamental success factors for the adoption of fintech.”