Banyan Investment Banking and Hedge Fund enters Kenyan market
From left: Quantum Metal chairman and founder Dato Lim Khong Soon, Dr Thana Balan from Banyan Investment Banking & Hedge Fund, Rubi Foundation Africa founder Rubi Moss William and Banyan Group of Companies chairman Jean Baptiste Bilala.
What you need to know:
- Fintech announced the launch of a digital complementary currency.
- Letscoin is designed to users to participate in the digital economy.
Banyan Investment Banking and Hedge Fund has opened its regional headquarter in Nairobi.
The Nairobi office becomes the fintech’s second regional operation in Africa after Cape Town.
At the same time, the fintech has also announced the launch of Letscoin, a digital complementary currency
According to the firm, Letscoin is designed to empower local communities by enabling merchants, entrepreneurs, and other users to participate in the digital economy.
Letscoin has additionally secured financial banking from Germany’s Deutsche Bank. Locally, ABC Bank is the custodian bank.
Carbon credit assets
Dr Thana Balan of Banyan Investment Banking and Hedge Fund, said the firm is eyeing monetisation of Africa’s carbon credit assets.
“We will introduce our AI technology to review the deposits of Kenya’s carbon credit deposits. We believe that this will transform the economic opportunities for farmers and other stakeholders in the larger economy,” said Dr Balan.
Additionally, the digital bank announced that it will commit €1 billion (Sh141.9 billion) to the Rubi Foundation Africa.
“These funds will go towards the agriculture and housing sectors in 22 African countries where we believe there is great potential for job creation,” said Rubi Foundation Africa President and Founder Rubi Moss William.
Investment strategy
In Kenya, Rubi Foundation Africa will primarily focus on counties in the Arid and Semi-Arid Areas (ASAL), such as Pokot, Narok, Turkana, Baringo, Marsabit, Kajiado, Wajir, and Makueni.
These initiatives will include providing affordable housing, water resources, and agricultural support and inputs to sustain livelihoods.
“The Foundation is already working with the government to launch this programme and its related projects. Our goal is to settle over 2 million people in the ASAL regions. Additionally, we are focusing on irrigation and school feeding programs,” added Ms William.
Banyan Group of Companies Chairman Jean Baptiste Bilala said the fintech’s investment strategy is designed to foster economic growth within local communities by promoting conservation efforts and catalysing job creation primarily within the tourism and hospitality industries.
