Aiden Kiprop 
FSD Kenya, in partnership with the Association of Fintechs in Kenya and the Kenya Bankers Association(KBA), convened industry leaders, policymakers, and innovators at the Kenya Open Finance Industry Workshop to address the complexities of financial data sharing and governance.
The discussions focused on balancing policy mandates with industry-led innovation to create a secure, inclusive, and standardised open finance framework.
The first session examined global open finance models, comparing Australia’s policy-driven approach with Brazil’s industry-led framework. Experts identified key inefficiencies in Kenya’s data-sharing landscape, including reliance on bilateral agreements, regulatory gaps, and security concerns.
While regulation-led models scale faster, the debate centred on whether a voluntary, industry-led approach could still drive meaningful participation.
The second session tackled the realities of data sharing in Kenya, highlighting regulatory barriers, competition concerns, and trust deficits between banks and fintechs.
While banks remain cautious due to compliance risks and data security concerns, fintechs stressed the need for an open ecosystem that fosters innovation and financial inclusion.
Discussions underscored the necessity of shifting from competition to collaboration, with clearer incentives for data-sharing participants.
Francis Gwer, Financial Sector Policy Specialist at FSD Kenya, led the closing session, emphasising the need to refine open finance governance to create a transparent, standardised, and consumer-centric framework.
Stakeholders highlighted that trust, regulatory clarity, and industry collaboration will be crucial in unlocking new financial opportunities and ensuring long-term sustainability.
The next steps will focus on defining clear participation criteria, enhancing data-sharing infrastructure, and aligning regulatory frameworks to support the responsible and scalable adoption of open finance in Kenya.
