The mobile phone in our case offered a platform to resolve distance, cost and time constraints that Kenyans had faced in accessing money transfer and other financial services. The focus must be on people. Second, it takes collaboration to build an ecosystem. Regulators, Fintechs or Governments on their own cannot build a financial ecosystem.
Regulators can certainly create an enabling environment but they need the agility and innovation of the private sector in order to succeed. As a regulator, we have walked the journey with various innovators who have fielded presentations, demonstrations, asked questions to ensure that the end product is safe, efficient and serves public needs.