Fintech firm PayAngel hails Kenya for innovation success

Joseph Elvis Lamptey, PayAngel's Head of Growth and Strategy. [Courtesy]

UK-based fintech firm PayAngel has hailed Kenya for its strides in becoming a hub for technology in Africa.

During the Forty under 40 Africa awards summit held today, PayAngel said Kenya being the home of M-pesa, which is hailed as one of Africa's most successful mobile money services speaks to the fact that it is a leader in the innovation sector.

While rooting for innovation to enhance financial inclusion, Joseph Elvis Lamptey, the firm's Head of Growth and Strategy said Kenya stands as a vibrant hub within the African Continental Free Trade Area (AfCFTA).

This, he said, does not only position the country as a leader in innovation but also a land of opportunities.

Lamptey spoke during a summit that was held earlier in the day ahead of an award ceremony that will see top African innovators, businessmen, government officials, and Chief Executive Officers (CEOs) among others feted.

"With its entrepreneurial spirit and young, tech-savvy population, Kenya is poised to be a major player in the AfCFTA's success story," Lamptey said.

PayAngel is a UK-based fintech company that specializes in cross-border payments and remittances and has established a presence in Africa, US, Canada, Europe, and Australia.

He said for Kenya and other African countries to realise their full potential in innovations and e-commerce, there must be seamless and affordable cross-border payments.

"Kenya is a land of opportunity, and PayAngel is here to be a catalyst. We are committed to working alongside Kenyan entrepreneurs, businesses, and individuals to unlock the full potential of the AfCFTA," Lamptey said.

His sentiments were shared by a host of other experts who said fintech innovations have the potential to democratize access to finance and spur entrepreneur enterprises.

"For this potential to be fully realized, we need to address a critical barrier: seamless and affordable cross-border payments," he said.

"This is where PayAngel steps in. We are a FinTech company dedicated to making remittances and payments faster, cheaper, and more secure."

By leveraging innovative technology, he said Africa can reduce transaction fees on sending money.

He pointed out that PayAngel offers competitive rates and even zero-fee transfers, ensuring more resources reach the hands that need them most.

Further, he said technology can help in empowering women and youth.

"The AfCFTA protocol recognizes the critical role women and young entrepreneurs play in Africa's economic growth. By simplifying cross-border payments, PayAngel empowers these groups to participate more actively in intra-African trade," he said.

Further, he said it helps build capacity through financial inclusion since remittances are a "lifeline for many African families and communities."

"By facilitating secure and affordable money transfers, PayAngel allows these resources to be invested in education, healthcare, and business ventures, ultimately building stronger communities across the continent."

The company is among other things licensed by the United Kingdom's Financial Conduct Authority, ensuring compliance with international financial regulations.

Lamptey expressed confidence that PayAngel's entry will significantly boost diaspora remittances, which currently amount to approximately Sh645 billion per year according to the Central Bank of Kenya (CBK).

Founder and Event Director Richard Abbey Jnr said the Forty under 40 Africa Award is a scheme that seeks to identify, honor and celebrate a cross-section of the continent's most influential and accomplished young business leaders under the age of forty.

Among the nominees are 30 Kenyans who have been nominated for their exceptional contributions to their fields.

Previously, the award ceremony has been hosted in Ghana and South Africa. The event comprises a tour, summit and Awards.