Kenya’s Banking Sector at AI Tipping Point as New Report Reveals Major Readiness Gap
A new report reveals Kenyan banks are unprepared for the AI revolution, as low-cost digital challengers pose a major threat...
✨ Key Highlights
Kenya's banking sector is at a pivotal point, facing significant disruption from AI despite a stark lack of preparedness among established players. While banking leaders recognize AI's transformative potential, a major readiness gap creates an opportunity for new, nimble AI-native digital banks to gain a competitive edge.
- Over 80% of senior management and board members believe generative AI will be transformative for the industry, yet only 20% feel "prepared" or "fully prepared" for the AI transition.
- The cost for a fully digital bank to acquire a new customer can be less than one-third that of a traditional bank, with ongoing customer management under one-fifth the cost.
- Akili AI and iXAfrica Data Centres are key organizations highlighting this readiness gap and providing AI solutions.
- Simon Bransfield-Garth, CEO of Akili AI, stated that the AI revolution in banking "is not a distant future, it’s happening now."
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Luno and Verto Launch New Financial Products as Kenyan Banks Face AI Gap - September 2025
Luno Nigeria has launched a new platform allowing users to buy and sell tokenized fractional shares of global companies like Apple and Tesla using the local currency, Naira. This initiative aims to democratize access to the US stock market for Nigerians. In another development, Verto has launched the Atlas Suite, an embedded finance product designed to simplify cross-border payments and address challenges like high FX volatility in African markets. Meanwhile, a new report indicates Kenya's banking sector is at a pivotal point, facing major disruption from AI despite a stark lack of preparedness. While leaders recognize AI's potential, this readiness gap creates an opportunity for new AI-native digital banks.
