An Assessment of the legal and regulatory framework on fintech inclusion for visually impaired persons in Kenya

Abstract

Fintech has become a powerful catalyst for promoting financial inclusion worldwide, with Kenya recognized as a frontrunner in mobile money innovation. Despite this progress, blind individuals remain marginalized within the digital financial landscape, exposing a critical gap in accessibility. This study examines the legal and ethical dimensions of fintech accessibility for blind users in Kenya, evaluating the sufficiency of the country’s legal framework in addressing their exclusion. The research begins by exploring the foundational concepts of fintech accessibility and the systemic barriers encountered by visually impaired individuals when utilizing digital financial platforms. Through a detailed analysis of Kenya’s legal and regulatory frameworks, particularly those concerning financial services and disability rights, the study assesses whether existing laws effectively safeguard accessibility or inadvertently perpetuate exclusion. It further investigates Kenya’s ICT accessibility standards, contrasting them with globally established benchmarks such as the Web Content Accessibility Guidelines (WCAG) 2.1. This comparative analysis highlights the limitations of Kenya’s voluntary standards and their implications for enforcing inclusive fintech solutions. Employing a qualitative methodology, the study integrates doctrinal research and comparative legal analysis. Doctrinal research examines Kenya’s legal texts, policies, and regulations, complemented by insights from secondary sources such as academic literature and industry reports. Comparative analysis draws lessons from international best practices in jurisdictions like Canada, and the UK, which have successfully implemented inclusive fintech regulations. The theoretical framework is grounded in capability theory and the empowerment theory, exploring the interplay between legal mandates and ethical considerations in shaping inclusive financial policies. The findings reveal significant shortcomings in Kenya’s legal framework, including outdated laws, fragmented regulations, and the absence of mandatory accessibility provisions within fintech legislation. Ethical concerns around non-discrimination, equality, and the right to financial autonomy compound these challenges, underscoring the urgency for reform. In conclusion, the study presents actionable recommendations tailored to Kenya’s fintech and legal landscape. These include introducing mandatory accessibility standards, revising existing statutes to embed accessibility requirements, and creating enforcement mechanisms to ensure compliance. Additionally, the research advocates for comprehensive legal frameworks that support fintech developers and financial institutions in fostering inclusive solutions. By addressing these gaps, Kenya can empower blind users, enhancing their financial independence and contributing to a more equitable digital financial ecosystem.