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How Small Businesses Are Thriving Under Kenya’s Technological Boom

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Kenya is home to many start-ups and small businesses some of which have gone on to become multi-million-shilling organisations. From their humble beginnings, start-ups like Lendable, M-Kopa and TalkLift have grown into big projects, inspiring other Kenyans to pursue their start-up dreams. Kenya is now a hub for new businesses, with many of its citizens taking to entrepreneurship to boost their levels of income.

Whether it is the laundry or cosmetics business; food or transportation, Kenyans are exploring all sorts of business ideas, and many are enjoying decent success in their different pursuits.

According to the StartupBlink Ecosystem Index Report for 2021, Kenya is ranked No. 2 on the list of most developed start-up ecosystems in Africa, only behind South Africa.

Kenya rose one spot from the previous year’s ranking to No. 61 in the world, with South Africa being the only African nation in the world’s top 50 (No. 48).

On the cities’ rankings, Nairobi lost the top spot in Africa to Lagos, Nigeria; while the Kenyan capital dropped 20 places to slip to No. 136 in the global ratings.

Nairobi may have slipped in the startup rankings, but the city remains inside the top 100 in the world for FoodTech, Transportation Technology and Energy and Environment Technology. 

Kenya’s position in the ranking reflects its thriving startup ecosystem, which has greatly benefited from the rapid technological advancements in the country.

Dubbed the Silicon Savanna, Kenya has undergone a technological transformation that has driven it to the top echelon of most advanced nations in Africa. From energy to transportation, telecommunications to financing, Kenya has become one of the leading nations in Africa, a sort of blueprint for the rest of the continent to follow.

This has sparked the entry of many international firms into the country, from food manufacturers to online betting companies. In fact, Kenya is now said to be the third-largest betting nation in Africa, behind South Africa and Nigeria.

The number of people with access to smartphones and the internet has risen very sharply in the last decade, with Kenya in the top bracket of nations with the highest mobile penetration and internet usage on the continent.

Kenya is also a global leader in the mobile money industry, with M-Pesa being amongst the biggest mobile money services anywhere in the world. This has significantly boosted financial inclusion in the country. 

M-Pesa has bridged the gap between the banked and the unbanked communities in Kenya, giving everyone access to send and receive money without any hassles.

Whether you live in the rural or urban areas; whether you have a bank account or not; whether you use the most sophisticated smartphone or the most basic mobile device; you can do your transactions without any problems.

We all use M-Pesa these days, from paying our utility bills to depositing money into betting sites in Kenya!

This has had a massive impact on the success of small businesses in Kenya.

Start-ups and small businesses are growing by the day in Kenya, and that is not unconnected with the booming tech scene in the country.

Feature photo by Mars on Unsplash

DISCLAIMER: This article is a sponsored article and does not substitute for professional advice or help. Any action you take upon the information presented in this article is strictly at your own risk and responsibility.

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