2022 TransUnion Kenya Summit

The Kenyan economy continues to experience mixed recovery and performance as it adapts to the "new normal." Contributing headwinds include the August 2022 general elections, and rolling impacts of the global cost of living crisis, ongoing supply chain issues and conflicts abroad.

In her session, Ngugi unpacks her perspective on the state of the nation and Kenya’s economic recovery. She shares what to look for after the general elections, and explains how the private sector can help accelerate the pace of recovery while leveraging the prevailing macroeconomic environment to achieve business growth objectives.

Right now, local, regional and global inflation figure very prominently, as do continuing environmental impacts of the climate crisis, conflicts abroad and rise in geopolitical tensions. As such, consumers find themselves facing heightened uncertainty around job security and increased strain on disposable income.

In this session, we reveal ways in which consumers are responding — some predictable and others less so. We unpack how behavioural changes reflect a new set of priorities across the lending landscape. We also examine how lenders are responding to the shift toward short-term, revolving and small- amount loans to address immediate cost of living expenses.

For the purpose of economic growth, it is critical for lenders to focus on credit disadvantaged consumers. By accessing credit products and services, consumers can better manage their daily and unforeseen financial needs. Credit inclusion allows economic advancement and upward mobility opportunities for consumers looking to buy their first vehicle or first home or to fund higher education and so on. Credit awareness, education and better access allows consumers to build and improve their credit profiles and remain actively engaged in the credit system. Lenders striving for high growth targets to cope with the negative pandemic impact can focus on these niche target segments, especially by identifying and serving an existing portfolio of underserved consumers. The rising inflationary pressures present an opportunity for lenders to provide more liquidity for risk-eligible credit underserved consumers. However, concerns around credit performance for consumers with no or little credit activity can inhibit lenders from actively pursuing this segment of consumers. To enable credit inclusion for consumers across developed and developing markets, TransUnion conducted a study to better understand the sizing, distinguished behaviours and specific needs of credit underserved consumers, both before and during the pandemic. In this session, we will reveal those insights.

The digitisation of businesses went from being a back-shelf strategic objective to a top-of-mind, mission-critical priority in the post-pandemic economy. However, not all companies have progressed at the same rate.

In this session, TransUnion hosts a panel discussion on the pace and velocity of digitisation of African businesses across the value chain. The discussion will delve into the features and benefits of digital engagement, servicing for customer acquisition, proactive management and engagement, importance of digital identity, and threats emerging from digital fraud.