Karibu Kenya - Jamie Dimon!

🛬 Jamie Dimon lands in Kenya

JP Morgan’s CEO has landed in Kenya as part of his much anticipated Africa tour. Dimon is expected to meet with central bank officials and other major industry stakeholders in addition to the US Ambassador. This trip comes after the recent announcement and approval of Representative Offices in both Nairobi and Abidjan. Before landing in Kenya, Dimon visited Abuja, Nigeria where he met with senior government officials including the Governor of the Central Bank of Nigeria. Why is he visiting Kenya? 

🧾 Banks contribute over KShs. 190B in taxes

8.8%. That’s is the share of Kenya’s entire tax revenue attributable to the banking sector. This figure is slightly higher than that of Tanzania where last year, banks were responsible for 6.6% of the country’s entire tax revenue. Given that Kenya is a country of over 55M people with around 5M tax-paying companies and individuals, as the government moves to bring more citizens and companies under the taxation umbrella, it is reasonable to assume that banks’ share of total tax revenue is likely to decrease overtime. How much are banks expected to contribute next year? 

🔒 Fintech can solve Kenya’s ‘grey-listing’ issue

The fintech industry may hold the keys to getting Kenya off of the dreaded FATF’s Grey-List. By building and enforcing a regulatory framework focused on (1) Real Time Transaction Monitoring, (2) Blockchain for Transparent and Immutable Records, (3) Know-Your-Customer and Identity Verification Tools, and (4) Artificial Intelligence for Risk-Based Analysis, regulators can make Kenya Africa’s top financial crime fighter. Kenya was added to the list in February of this year alongside other countries such as Yemen, Syria, Nigeria, and Haiti. How can Kenya get off of the FATF’s Grey-List? 

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