Kenya's taxation regime has come under scrutiny once again as a section of the United Kingdom (UK) based fintech firms pitched tents seeking a share of the country's vibrant financial services.
The 13 firms, some of which have already set up shop locally, are providing solutions such as digital payment systems and cross-border payments with the aim of expanding to other markets using Kenya as their springboard.
At a panel discussion attended by the Principal Secretary, State Department for Micro, Small and Medium Enterprise (MSME) Development, Susan Mang'eni, the country's cost of doing business featured prominently.
Wayne Hennesy-Barret, founder and chief Executive of 4G Capital, which is a licensed lender in Kenya, said increased pressure on the sector by the government to collect taxes was hurting investments.
