Kenya recently adopted a digital economy blueprint to further develop the ICT sector and e-commerce activity, with revenues expected to have a positive annual average growth of 16.4 percent by 2025. The government’s ambition for universal 4G coverage alongside accelerated smartphone ownership has further placed Kenya as one of the fastest-growing e-commerce markets. Betty Mwangi, one of the most influential women in Africa, has led several companies to success, most recent being Jumia, the top e-Commerce platform in Africa. She has since taken on consulting in a number of Fintech projects as well as running Mount Kenya Academy as part of her passion to give back to society and impact lives positively. Betty has led various organizations and projects to capitalize on the continent’s digital transformation and develop it hand in hand with technological penetration in the country.

Betty has demonstrated the ability to drive double-digit growth of financial and digital services in highly competitive multi-billion-dollar markets with her detail-oriented and analytical approach to problem-solving and balancing target objectives with pragmatic solutions. Let’s hear from her.

Tell us about your expertise as a financial services executive. What key business lessons have you picked up throughout the years?

I am a self-driven leader with a proven track record in developing and growing businesses. My key areas of expertise lie in strategic leadership in digital financial services, innovation thought leadership, and strategic partnership development. I am also fluent in multiple aspects of analytical data mining and management to design ICT strategies across a global community. I have worked across various industries and in multiple roles that have allowed me to understand businesses holistically. The critical business lessons I learned were the importance of engaging the customer as you develop solutions and having an engaged team through continuous consultation.

Take us through your early educational journey and the prior industry experience that you bring to the table.

I completed my higher education in the UK. I hold a Bachelor’s degree in Electrical and Electronic Engineering from Victoria University, Manchester, and an MBA from the University of Leicester. I am also a certified Chartered Marketer with the Chartered Institute of Marketing. I have worked in various industries like telecommunications, pharmaceuticals and insurance, my experience spanning over 20 years and 26 African countries. I served as Director of Financial Services for Safaricom Ltd for nine years, where I was involved in the business development and innovation of the world-renowned M-PESA from its inception. After that, I joined Britam Holdings in 2016 as Group Commercial Director and was tasked with distributing General Insurance, Life and Asset Management solutions through 3000 financial advisors, 30 branches, Bancassurance, and digital and direct channels. My most recent role was that of CEO at Jumia. All these roles and responsibilities have given me the learnings and insights gave me the capabilities to go independent.

In your opinion, what are some of the most significant landmarks that you have achieved throughout your professional journey?

My professional journey has given me broad international exposure, during which I was able to achieve milestones that became the highlights of this journey. While leading Safaricom's M-PESA, I was able to grow the customer base to 80 percent of Kenya's adult population and transactions amounting to 40 percent of Kenya's GDP, resulting in the current digital financial inclusion penetration of 83 percent. Another milestone was developing the distributor network for VSAT-based internet solutions across 26 countries in Africa. I also received presidential recognition for my role in ICT and Financial Inclusion for Kenya, the Moran of the Burning Spear (MBS).

What are some of the most pressing challenges you encounter as a financial services executive? How do you successfully mitigate these challenges?

Challenges need to be dealt with proactively, and I face the conflict squarely while retaining my objectivity. I deal with pressing challenges by continuously staying ahead of the curve. The financial services sector is very dynamic, and I ensure I stay ahead by constant engagement with customers, peers and regulators in the sector.

"Dare to go for your dreams. Courage is the most important thing to have (and practice) in order to live out your dreams because it's the first thing you'll need to even begin chasing your dreams"

How do you foresee the Kenyan financial services industry evolving in the near future? Which industry trends will create the most significant impact as we advance?

With the advent of Safaricom's M-PESA, Kenyans have embraced digital financial services and continue to expect more digital solutions from providers. The sector is gaining traction with many new entrants in the domain, which suggests a real opportunity for the industry to continue growing.

Betty M Mwangi, M.B.S

Betty is a results-oriented, self-driven leader with deep sector expertise within the digital financial services and telecommunications sectors, spanning asset management, life assurance, retirement planning, general insurance, health insurance, banking and property insurance as well as telephony and broadband internet. She has strong skills in people management, relationship building and business development. Betty is passionate about delivering customer-centric and relevant solutions that positively impact lives and has strong values founded on integrity.