Financial Activities Sector .
The financial activities sector in East Africa has experienced significant growth and transformation over the past two decades. The growth has been fueled by adoption of the much needed technology both back end and front end which has seen the coverage and access to financial services grow.
The products offerings have also significantly increased and improved and incorporated market needs while the impact of mobile phone technology has been phenomenal.
In Kenya, the financial activities sector contributed 5.7% of the Gross Domestics Product (GDP) in the year 2023 an improvement from 5.4% recorded in 2022. The sector has recorded gradual growth over the last five years.
The very nature of the financial services sector continues to call for robust and agile wide risk management across all the business functions.
Technology risks for example, cyber security and technology obsolesce are real. Fraud risks and other associated risks together with changing market needs have been on the increase. The sector is also highly regulated and compliance is key for business continuity.
There is an ever growing need for constant monitoring and review of processes and results to ensure that organisations remain agile to environmental, regulatory and market changes among other changes to meet their strategic objectives.
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We have ready and in-house hands on experience in the provision of internal audit, external audit, tax, advisory and outsourced services to Capital Market Authority (CMA) regulated entities like investment banks and stock brokers, Central Bank regulated firms like banks, deposit taking microfinance institutions, non- deposit taking institutions and digital lenders, investment firms, Pension schemes and SACCOS.
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