Kenya and South Africa Pledge Closer Cooperation on AI, Fintech and Cross-Border Investment
Kenya and South Africa have pledged to deepen cooperation in digital innovation, financial services and investment, with artificial intelligence featuring prominently among the priority areas for joint development.
Addressing the Joint South Africa-Kenya Business Forum on Thursday night, Kenyan President William Ruto and South African President Cyril Ramaphosa highlighted the growing importance of technology, capital markets and cross-border investment in advancing continental integration under the African Continental Free Trade Area.
Ruto said Kenya and South Africa were uniquely placed to shape Africa’s digital future by combining their respective strengths in financial innovation and capital markets. “Kenya leads the continent in fintech, mobile money and digital financial inclusion, while South Africa hosts one of Africa’s most sophisticated capital markets,” he said. “Together, we can pioneer partnerships in artificial intelligence, cybersecurity, digital infrastructure, e-commerce and cross-border payments.”
Ruto used the forum to market Nairobi as a leading destination for Global Business Services and Business Process Outsourcing, citing the country’s youthful workforce, competitive operating costs and expanding digital infrastructure. He invited South African and multinational companies to establish regional service hubs in Kenya, describing the country as a strategic gateway to East and Central Africa.
