The International Finance Corporation (IFC) is spearheading the development of a high-tech/fintech fund dedicated to nurturing the African creative economy.
This initiative is aimed at harnessing the potential of digital finance and innovation across the continent.
A recent meeting between IFC and Metropol, a leading Credit Reference Bureau (CRB), laid the foundation for a collaborative effort to provide market insights and credit risk solutions for newcomers under the program.
Metropol, The Largest Indigenous CRB
Dr. Konstantinos Tsanis of the World Bank/IFC acknowledged Metropol as the largest CRB by market share, boasting the most extensive data sources and profiles.
This recognition is significant to the program’s success, as it aims to democratize access to affordable financing for individuals and businesses alike.
Gideon Kipyakwai, CEO of Metropol, said Kenya has a high penetration of internet and telephone network services, very robust mobile payment services and a strong CRB for KYC and credit scoring solutions.
“These 3 key components make Kenya very attractive to investors in the digital economy.
I am quite excited at the partnership objectives and prospects for the Kenyan people,” said Kipyakwai.
The enthusiasm surrounding this partnership is palpable, with expectations running high for the transformative impact it could have on the Kenyan populace.
The IFC and Metropol are poised to unlock a new era of economic growth and creative expression in Kenya and beyond by aligning strategic resources and innovative financial tools.
The partnership will foster a more inclusive and prosperous future for Africa’s nascent creative talents.
