KPMG hosts summit on future of fintech, tax compliance

Source: Capital FM Kenya

NAIROBI, Kenya, June 12 - KPMG recently hosted a summit where industry leaders gathered to discuss critical issues in the financial sector, with a spotlight on the future of fintech and tax compliance.

This transformative and pioneering summit aimed to immerse participants in forward-thinking discussions, providing a platform for diverse stakeholders to explore the African funding landscape.

The event underscored fintech's role in revolutionizing financial services and the imperative of maintaining rigorous tax compliance amid evolving regulatory landscapes.

"Policy makers and regulators must come together to regulate open banking. It is high time that fintechs and banks collaborate for the growth of the financial market," emphasized Ali Hussein Kassim, Vice President, East Africa & Executive Board Member, Africa Fintech Network.

During the discussions, Ngina Mutava, Associate Director of the Strathmore Tax Research Center, highlighted the challenge of tax compliance.

"Government expenditure is seen as if the GDP is growing while in reality, most of the government projects, such as the SGR, pump money into the economy without paying taxes directly. Our tax base is very small; we need to widen the tax bases," she stressed.

With speakers drawn from different disciplines within the ecosystem, the summit presented innovative solutions, strategies, and policy recommendations to promote sustainable financing and investments.

Eric Maina, Senior Business Development Manager at Visa, highlighted the potential of mobile banking and digital payments/wallets to transform financial inclusion in Africa, emphasizing the significant uptake by youth in these models."

Other discussions covered gender lens and impact investing, deal structuring, and sustainable financing using local currencies.