5
The Central Bank of Kenya has launched an Open Banking Framework, requiring all commercial banks to share customer-permissioned data with licensed third-party providers via APIs. Effective July 2024, the move will enable fintechs to offer personalized budgeting, savings, and credit products using real bank data. The CBK says the framework will deepen financial inclusion, spur innovation, and lower costs for consumers. Safaricom, Tala, and Family Bank are among the first participants. Kenya joins Nigeria and South Africa as African pioneers in open finance, with full implementation targeted by 2026.