Kevin Mutiso: «Think Big and Outside the Box»
Financial technology solutions in Asia would do well in Africa and vice versa, Kevin Mutiso, CEO and co-founder of Kenya-based fintech Alternative Circle, tells finews.asia.
Kevin Mutiso, what drove you to build your fintech?
After years of working in the finance industry and monitoring trends, in my mind technology had become affordable enough to build a micro lending platform for our target market.
From your experience in Kenya, what advice can you pass on to fintech startups in Asia?
From my experience, I believe you have to think big and outside the box. Secondly, have more B-to-C solutions than B-to-B solutions because if you gain traction with the customers, the banks will come in to support you.
Do you think banks are intimidated by your mobile lending app Shika?
I strongly believe that banks want to work with us because when we partner with them, we take away the headache and do all the heavy lifting for them. They only have to come and plug into our platform.
«I see retail banking developing from the brick and mortar structure to become completely online»
Building this kind of infrastructure from the start and getting customers is both cumbersome and expensive for them, and this is where we come in.
Is there an opportunity for your latest product or others in your pipeline in Asia?
Yes, when it comes to lending we have similar demographics; and we have similar mobile and Internet penetration in our current market, Kenya. Of the 2 billion unbanked people globally, about 1 billion are based in Asia.
How was your experience at the Singapore Fintech Festival?
It was eye opening to see that we can compete on the same level as Asia and I realized a lot of cross-selling could happen between the markets for example, some of the solutions they have in Asia would do well in Africa and vice versa.
Apart from your own sector, where do you see the most disruptive developments in the financial industry?
In my opinion, I see retail banking developing from the brick and mortar structure in the next five years to become completely online.
Kevin Mutiso is the co-founder and CEO of fintech Alternative Circle. Previously, he was chief executive of a micro finance institution for five years and has worked as a senior relationship manager and investment manager in the past.
