Interview with Lucy Kiai, Head of Credit – Financial Services | Safaricom

Seamless Xtra’s Ellise Philips interviews Lucy Kiai, Head of Credit – Financial Services at Safaricom

East Africa is at the forefront of financial innovation, driven by a dynamic fintech ecosystem, mobile-first banking solutions, and an increasing focus on financial inclusion. Kenya has positioned itself as a global leader in digital financial services, with Safaricom’s M-Pesa serving as a model for mobile money success worldwide.

As emerging technologies such as AI, real-time payments, and open finance continue to reshape the financial landscape, businesses and consumers alike are experiencing unprecedented access to credit, savings, and digital transactions. The rise of cashless economies, embedded finance, and regulatory advancements are further accelerating East Africa’s digital transformation. 

In this exclusive Seamless Xtra interview, we sit down with Ms. Lucy Kiai, Head of Credit – Financial Services at Safaricom, to explore how Safaricom is leveraging technology to drive financial inclusion, enhance digital commerce, and shape the future of payments in the region. 

 

The Future of Financial Services in East Africa: AI, Mobile Payments, and Inclusion

1. Safaricom has been at the forefront of mobile commerce with M-Pesa. How do you see digital wallets and mobile payments evolving in the coming years? 

Safaricom is a pioneer in the Digital payments space. And continues to revolutionise the space with Integrated proposition to the payment via Credit, Wealth and Insurance solutions. With Integrated solutions in both consumer and business segments.

 

2. AI is playing a bigger role in digital finance. How is Safaricom leveraging AI to enhance financial inclusion, particularly for underserved communities? 

AI is powerful enabler for hyper personalisation to enable customised solutions for various customer segments to ensure we give value and a frictionless customer experience. This has enabled us to reach the underserved customers through our last mile agenda for Financial inclusion. The Omni channel experience makes accessibility easy via Mpesa App, USSD and STK.

 

3. In many markets, cash is still king. What steps are being taken to drive cashless transactions and real-time payments in Africa? 

The security and convenience of Digital payments is big motivation for adoption of Cash less solutions. Digital payments also allow real-time payments via P2P, B2B and B2C; further enhancing financial inclusion. 

 

4. Buy Now, Pay Later (BNPL) is booming globally. How do you see it playing a role in emerging markets like Kenya? 

Digital credit is a crucial tool for financial inclusion, this is because lending is non-collateralised and based on wallet cashflows. Various solutions such as Overdrafts, Term loans and BNPL allow the traditionally excluded majority to afford basic items, grow their business and acquire household items. The key is utilising AI and Machine Learning to prevent customer over-indebtedness.

 

5. With more people adopting digital financial services, cybersecurity is a growing concern. What measures are in place to protect users? 

Utilising interactive DIY services helps customers to access FAQs and Product details to help create awareness to avoid phishing attacks. Further, we incorporate fraud detection mechanisms in channels to help protect customers as well as share dedicated fraud reporting SMS channels. 

 

6. What does the future of fintech, and digital finance look like for Africa? 

The future of African fintech will be powered by AI and driven by embedded finance, spurring regulatory innovation. Digital players are set to grow, offering low-cost, mobile-first solutions that promote financial inclusion for underserved populations. We may also see increased investment in decentralised finance, supported by evolving regulatory frameworks to enable broader adoption.

 

7. Where do you see the future of the East African financial landscape, particularly in Kenya? 

There are many future opportunities, including Integration to AfCFTA, which could see Kenya become a leader in the regional financial hub. Other areas of growth are ESG & green financing, insurtech, cross border payments and digital lending.

 

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