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EXCLUSIVE: Fintech firm InnoVent readies to tap into East Africa’s post-COVID growth

By , ITWeb
Kenya , 25 Feb 2021
Zakhe Khuzwayo, CFO, InnoVent.
Zakhe Khuzwayo, CFO, InnoVent.

Fintech and leasing solutions provider InnoVent has opened an office in Nairobi to service the growing East African market.

InnoVent is targeting CIOs and CFOs with the intention to help them adopt an integrated, life cycle approach to IT procurement.

According to the company in 2019 alone, The African Development Bank Forecasts revealed that economic growth in East Africa was soaring ahead of other regions (North, West, Central and Southern Africa) on the continent.

At that time, East Africa posted the strongest GDP growth which was estimated at 5.7% in 2018, followed by North Africa at 4.9%, West Africa at 3.3%, Central Africa at 2.2%, and Southern Africa at 1.2%.

“Obviously, COVID-19 has affected this growth, but the region is expected to recover strongly,” said Zakhe Khuzwayo, CFO, InnoVent. “The pandemic has taught us that IT is the essential success lever for a volatile world and, in line with global trends, East African CIOs will be adopting an integrated procurement strategy that includes leasing and the use of high-quality refurbished equipment to maximise value while reducing support costs.”

Globally, Gartner predicts that IT spend will grow by 4% in 2021, but off a low base as 2020 saw a 7.3% decline.

This is at a time when CIOs will be under immense pressure to speed up digital transformation projects such as moving to the cloud and its associated technologies including artificial intelligence (AI), IOT and machine learning, Innovent added.

The move to online learning is also driving these trends along with the need to apply the tactical measures required to deal with cyber-security threats.

Khuzwayo said, “As organisations embark on journeys of digital transformation, CIOs will be under sustained pressure to ensure that IT assets including end-user devices, are aligned with the business case and well supported. CIOs of leading organisations are increasingly turning to leasing as a way to cover the life cycle of IT equipment and take on predictable operational expenses (which include support) rather than capital costs - and they are also becoming more accepting of the role that professionally refurbished devices can play in such an approach.”

“We believe that Kenyan CIOs and CFOs will quickly see the value in our approach. The country’s stable banking system will also provide the necessary framework for leasing to become a key component of an IT-enabled growth strategy. Partnering with OEMs will further enhance the value proposition.” 

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