Government welcomes uptake of ICT by financial sector

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The government of Kenya has praised the assimilation of ICT services in the investment and financial industry as envisioned in the country’s development footprint, Vision 2030.

Speaking during the 5th annual conference of the Institute of Certified Investment and Financial Analysts (ICIFA), ICT and Broadcasting Chief Administrative Secretary, Maureen Mbaka, CAS Ministry of ICT, Innovation and Youth Affairs, said that the government is open to new ideas that can influence the development process, including technological innovation in the Investment and Finance Industry.

“The Government of Kenya is alive to the importance of technology and innovation in achieving Kenya’s strategic goals, advancing our economy, and promoting solutions for meeting development challenges facing the country,” said CAS Mbaka.

CAS Mbaka acknowledged the important role played by investment and financial analysts in ensuring optimal investment decisions are made and said the government will continue to work to ensure a favourable environment is created for the private sector to play a central role in the development process.

“Kenya's competitiveness has risen as a result of its use of modern financial applications and the role of ICT in financial activities can be seen in the reduction of issues related to time constraints in service delivery, the maintenance of effective investment performance reporting and financial inclusion,” said the CAS.

The CAS highlighted the National ICT Policy that is designed to help realize the potential of a digital economy by creating an enabling environment for all citizens and stakeholders through facilitating universal access to ICT infrastructure and services all over the country.

The CAS also spoke about how the Digital Economy Blueprint will help steer the digital

transformation of the economy and its aim is to see every citizen, enterprise and organization get digital access and the capability to participate and thrive in the digital economy.

“The government recently launched the Digital Master Plan 2022-2032, which outlines a structured roadmap on the delivery of ICT infrastructure and services as well as the development of ICT skills, and that the Plan will leverage and deepen the contribution of the ICT sector to accelerate socio-economic growth,” she said.

CAS Mbaka expressed optimism in the potential that ICT has to significantly alter the development trends of the investment and financial services industry by tapping new markets and expanding opportunities as it would build a digital economy in which every investor can conduct business seamlessly.

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