Peter Estlin, Lord Mayor of the City of London, on Thursday announced £10 million (Sh1.3 billion0 of UKaid support to the Catalyst Fund to help fin-tech companies in Kenya.
UKaid will also help connect 30 local fin-tech start-ups with international investors and mentors, who is also the Ambassador for the City and UK’s financial and professional services sector, said on Thursday.
The City of London will also pick five startups to attend UK Fintech week in 2020.
“Fintechs in Nairobi such as PayGo Energy and Soko Watch Kenya have the potential to transform the lives of thousands across Kenya. I want UK investors to work with the Department for International Development to get behind these opportunities at the UK-Africa Investment Summit,” he said
He added that the UK can partner with entrepreneurs to create thousands of jobs and enrich lives across the continent.
He also noted that regulation “is a huge enabler to efficient markets and developing a new regulatory environment that embraces innovation is critical to moving forward not only in accelerating economic growth but also creating social inclusion”.
Estlin is in Nairobi for a two-day visit, in which he is meeting with senior government officials and business leaders, to discuss investment opportunities and the upcoming UK-Africa Investment Summit.
“The Africa Investment Summit next year will offer Kenya a significant opportunity to position itself as an attractive investment opportunity and focus for investors and financiers,” he said on Wednesday during the launch of an FSD Africa report on strengthening environmental, social and governance standards in the oil sector.