Unlocking Open Finance in Kenya: Opportunities for Kenya's Financial Sector

Open finance has the power to transform how consumers and small businesses access and use financial services by enabling them to securely share their financial data across providers. In Kenya, where digital finance is already advanced, with over 84% of adults holding formal financial accounts, this model could deepen financial inclusion, foster competition, and expand consumer choice. Building on existing digital infrastructure such as interoperable payments and open APIs, open finance could be the next step in strengthening Kenya’s financial ecosystem.

This report presents findings from industry consultations, surveys, and stakeholder workshops on the opportunities, challenges, and requirements for implementing open finance in Kenya. It highlights policy developments, industry readiness, and the steps needed to build a more open, innovative, and consumer-centric financial system.