Fintech Services Need to Adjust Their Offerings to Match Customer Demands
In the heart of East Africa, Kenya has been making significant strides in expanding financial inclusion over the past 13 years. The launch of M-Shwari, a mobile-based banking service, has been instrumental in this journey. One fintech company leading this charge is Tala, whose 2025 Impact Report, in partnership with 60 Decibels, showcases the transformative effects well-designed fintech products can have.
The report reveals that 60% of women using Tala now feel more confident in making financial decisions, underscoring the social equalizing potential of financial services. This newfound financial confidence has far-reaching implications, as households become more stable, children are more likely to remain in school, and communities are better positioned to thrive.
These improvements are not just statistics; they represent families kept afloat, businesses preserved, and futures secured. For millions of Kenyans in the informal sector, the success of financial services lies in their ability to build resilience, ease financial stress, and unlock opportunities.
The report also found that 67% of customers reported increased income, while over 90% said the loans helped them address urgent needs like school fees, medical bills, and business cash flow gaps. Affordability and transparency are crucial for building trust in financial services, with no place for hidden charges or complex terms.
Fintech can have transformative effects, changing individual lives and millions of futures. However, it's essential that fintechs consider financial health as a system that helps people withstand shocks, invest in growth, and gain control of their financial future, rather than just focusing on credit access.
To unlock truly lasting impact, fintech innovation must align with the financial health journey of everyday Kenyans, prioritizing flexibility in financial products to adapt to irregular income flows. Fintechs must also commit to listening, learning, and innovating with customers at the center.
When fintech delivers real impact, it can transform the future of Kenya. From enabling the shift from merely surviving to truly thriving by helping customers build credit histories, access savings opportunities, or gain financial education, the potential is immense. Fintech can help unlock opportunities for millions of Kenyans, building resilience, easing financial stress, and easing access to credit.
In conclusion, the role of fintech in Kenya's economic growth and social development cannot be overstated. As we move forward, it's crucial that fintech companies continue to prioritize the needs of their customers, fostering financial health and empowering Kenyans to build a brighter, more stable future.
