{"id":11186,"date":"2024-03-19T07:03:04","date_gmt":"2024-03-19T07:03:04","guid":{"rendered":"https:\/\/www.tradepassglobal.com\/?p=11186"},"modified":"2025-10-23T07:03:59","modified_gmt":"2025-10-23T07:03:59","slug":"kenyas-financial-sector-identifies-its-biggest-roadblock","status":"publish","type":"post","link":"http:\/\/www.tradepassglobal.com\/vi\/blogs\/kenyas-financial-sector-identifies-its-biggest-roadblock\/","title":{"rendered":"Kenya\u2019s financial sector identifies its biggest roadblock"},"content":{"rendered":"
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Nairobi, 19th<\/sup> February 2024:<\/strong> At a time when Africa is witnessing a fast-progressing digital revolution, Kenya has already emerged as the mobile money capital of the world. Housing over 400 fintech companies, Kenya\u2019s fintech industry got a further boost by the National Broadband Strategy for 2018\u20132023 which earlier disclosed a proposed target of 100 percent connectivity by 2023.<\/p>\n\n\n\n

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However, while harnessing inexpensive, accessible tech to mobilize consumers, the Silicon Savannah\u2019s financial sector has suffered a massive number of cyber-attacks. Last year, one of the attacks even resulted in an outage of over 5,000 public services<\/a> for more than two days, also encapsulating the internet-based and mobile payment platforms. Having ranked as the 35th<\/sup> most cyber-attacked country worldwide by Kaspersky, the cybercriminals are coming with new innovative ways to attack the financial institutions.<\/p>\n\n\n\n

The latest Capital Markets Authority (CMA) Soundness report has clearly stated that with the growing popularity of wealth management applications on mobile and via cloud-based services, there has been a continuous spike in attacks such as Distributed Denial of Service (DDoS), ransomware and phishing.<\/p>\n\n\n\n

To mitigate the situation, the National Cybersecurity Strategy (2022\u20132027) has been issued as a counter-response for the upcoming challenges and emerging threats in the cyber space, which also aligns with Kenya\u2019s Computer Misuse and Cybercrimes Act (CMCA).<\/p>\n\n\n\n

While the world is now eyeing the tech events in Kenya, 2024 is going to feature yet another edition of World Financial Innovation Series (WFIS)<\/a>, also recognized as the \u201cLeading Financial Expo in Kenya\u201d, that\u2019s anticipated to feature the most innovative fintech solutions along with cutting-edge intel on the most pressing industry topics.<\/p>\n\n\n\n

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Nairobi, 19th February 2024: At a time when Africa is witnessing a fast-progressing digital revolution, Kenya has already emerged as the mobile money capital of the world. Housing over 400 fintech companies, Kenya\u2019s fintech industry got a further boost by the National Broadband Strategy for 2018\u20132023 which earlier disclosed a proposed target of 100 percent […]<\/p>","protected":false},"author":1,"featured_media":11187,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","content-type":"","footnotes":""},"categories":[48],"tags":[],"class_list":["post-11186","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.tradepassglobal.com\/vi\/wp-json\/wp\/v2\/posts\/11186","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tradepassglobal.com\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tradepassglobal.com\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tradepassglobal.com\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tradepassglobal.com\/vi\/wp-json\/wp\/v2\/comments?post=11186"}],"version-history":[{"count":1,"href":"https:\/\/www.tradepassglobal.com\/vi\/wp-json\/wp\/v2\/posts\/11186\/revisions"}],"predecessor-version":[{"id":11188,"href":"https:\/\/www.tradepassglobal.com\/vi\/wp-json\/wp\/v2\/posts\/11186\/revisions\/11188"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tradepassglobal.com\/vi\/wp-json\/wp\/v2\/media\/11187"}],"wp:attachment":[{"href":"https:\/\/www.tradepassglobal.com\/vi\/wp-json\/wp\/v2\/media?parent=11186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tradepassglobal.com\/vi\/wp-json\/wp\/v2\/categories?post=11186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tradepassglobal.com\/vi\/wp-json\/wp\/v2\/tags?post=11186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}