A New Wave Of Wealthtech Startups Are Jostling For Kenya’s Millennials & Gen Z

A New Wave Of Wealthtech Startups Are Jostling For Kenya’s Millennials & Gen Z

Elphas Onamu, 25, is convinced the popular saying: “life begins at 40,” is no advice to kick back and relax but an admonition to make the most of one’s younger years so as to actually have a life in the latter days.

So when he’s not making cool stuff as a top creative at Gadgets Africa; one of Kenya’s leading new-age digital media platforms, he’s exploring ways to sow his present modest earnings in the hopes of a future bountiful harvest that his older self would be grateful for. But for Onamu, who lives in Nairobi, there haven’t always been that many convenient options.

“In Kenya, people put money in banks, government bonds, and cooperatives, even stocks of huge local firms like Safaricom and Kenya Airways, as well as real estate,” Onamu tells WeeTracker.

“Apart from the fact that some of those options are only suitable for higher-income classes, others seem outdated with tedious processes – lots of paperwork and so many back-and-forths. And the fees tend to be high which means returns are quite low,” he adds.

Saruni Maina, 27, a Kenyan consumer tech expert who is currently working at one of Africa’s tech unicorns, Chipper Cash, paints a similar picture; one that suggests there’s at least latent interest in savings and investments instruments in Kenya, though it’s hampered by the complicated nature of the incumbent platforms.

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