Insights

Technology is Part and Parcel of Growth

Insights

It is no secret that societies that have been able to advance technologically also advance economically. In Kenya, there are two significant phases that opened up the country to move forward technologically.

The liberation of the telecommunication sector at the turn of the millennium provided the impetus for economic growth. This coupled with the introduction of cheap mobile handsets enabled new and efficient ways to communicate. Business growth was spurred as you did not have to move across town to conduct business.

The second phase provided the platform for new industries and with it growth of the economy and employment opportunities. This phase was an initiative undertaken during President Mwai Kibaki’s tenure to provide infrastructural and policy support. Infrastructure support involved increasing internet capacity hence lowering access costs. Policy support involved removal of Value Added Tax (VAT) on all ICT equipment. The result of this arguably put Kenya on top of the continent in terms of technology.

Information and Communication Technology (ICT) sector expanded by 12.9% from KES 345.6 billion in 2017 to KES 390.2 billion in 2018. Credit Bank has long put its effort in sectors of impact to the economy. As a bank, we are both a consumer and a facilitator to technological businesses. As a consumer, we pride ourselves as innovators where we harness existing technologies to provide a digital banking for your convenience.

As a facilitator, we provide financial solutions to businesses in the technological sector. Financing technological business requires tailormade solutions. This is an area Credit Bank has specialised in. Financing is crucial for expanding capacities and thus increase employment opportunities. SkyTop Technologies is one of our customers whom we have provided with a financing solution suited to his business.

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Financing technological business is pouring fuel to a fire that was started over a decade ago. We strongly believe in the role technology plays in the economy. Part of our approach is to give businesses access to opportunities that are not necessarily financial. One of these opportunities is our platform, the Entrepreneurs’ Hub, where as an entrepreneur you can learn, engage and grow. Come discover and network with others in the technological space.

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