In Nairobi’s vibrant tech landscape, a quiet revolution is unfolding, led by David Nandwa, a 23-year-old Kenyan tech entrepreneur. His fintech startup, Peer, is not merely building a business; it is challenging the core of Africa’s financial systems. Combining innovative technology with a deep understanding of local needs, Nandwa is reimagining the future of finance for millions across the continent.
Nandwa’s journey to the forefront of financial innovation began far from the gleaming skyscrapers of Nairobi. He grew up witnessing firsthand the challenges of financial exclusion that plague much of rural Africa.
“I saw my parents and neighbors struggle with the most basic financial tasks,” Nandwa recalls. “Saving money securely, sending remittances to family members, or accessing loans for small businesses – these things that many take for granted were nearly impossible for people in my community.”
This early exposure to financial inequality left a lasting impression on Nandwa. After studying computing at Arden University in the UK, he became fascinated by the potential of digital technologies to leapfrog traditional financial infrastructure.
“I realized that with the rapid spread of smartphones across Africa, we had a unique opportunity,” he explains. “We could build an entirely new financial system from the ground up – one that could reach everyone, not just the urban elite or those with formal banking relationships.”
The Birth of Peer
Founded in 2020, Peer is more than just another mobile payment app. Nandwa’s vision was to create a comprehensive digital financial ecosystem that could serve as a one-stop shop for all of a user’s financial needs. The platform combines peer-to-peer payments, savings accounts, micro-loans, insurance products, and even a marketplace for local goods and services.
What sets Peer apart is its innovative use of blockchain technology and artificial intelligence to create a decentralized and highly efficient financial network. By leveraging these cutting-edge technologies, Peer can offer services at a fraction of the cost of traditional banks, while also providing enhanced security and transparency.
“We’re essentially building a new financial infrastructure for Africa,” Nandwa explains. “One that’s designed from the ground up to meet the unique needs and challenges of our continent.”
Challenging the Status Quo
Peer’s rapid growth – the platform now boasts over 3 million users across East Africa – has sent shockwaves through the traditional banking sector. Many established banks initially dismissed the startup as a niche player, but are now scrambling to catch up.
“The big banks are weighed down by legacy systems, outdated thinking, and a fundamental misunderstanding of what ordinary Africans need from financial services,” Nandwa says with a wry smile.
Customers in Kenya have the ability to turn their wallets into real bank accounts, enabling them to make payments via SWIFT, Real Time Gross Settlement (RTGS), PesaLink, and M-PESA directly on the platform, with lower fees than traditional banking apps. The rebranded app allows users to off-ramp their digital dollars through a partnership with MoneyGram.
Users can also book flights to local destinations within Kenya, with plans to expand this feature to other countries and support international flights. Additionally, they will be able to purchase insurance from leading Kenyan insurers directly through the app.
In 2022, Peer collaborated with renowned Kenyan hip-hop artist Octopizzo to release five tracks as NFTs, available for purchase across Africa and globally on OpenSea. The fintech company has expressed its intention to continue launching similar NFT drops regularly.
Empowering the Unbanked
For millions of Africans, Peer represents their first real interaction with formal financial services. Take Grace Ochieng, a small-scale vegetable seller in Kisumu, Kenya. Before Peer, she kept her savings in cash hidden at home and relied on informal moneylenders charging exorbitant interest rates when she needed capital for her business.
“Peer has changed my life,” Ochieng says. “Now I can save safely, get affordable loans to buy stock, and even accept digital payments from customers. It’s like having a bank and a business partner all in my phone.”
Stories like Ochieng’s are common among Peer users. The platform’s impact goes beyond individual empowerment – it’s reshaping entire communities. In many villages, informal savings groups known as “chamas” have migrated onto the Peer platform, digitizing age-old communal financial practices and making them more efficient and transparent.
Peer’s rapid growth and disruptive model have not been without challenges. Regulatory frameworks in many African countries are still catching up to the realities of digital finance, creating a sometimes uncertain operating environment for fintech startups.
Nandwa has taken a proactive approach, working closely with regulators across East Africa to help shape policies that balance innovation with consumer protection. “We see ourselves as partners with regulators, not adversaries,” he explains. “Our goal is to build a financial system that works for everyone, and that requires smart regulation.”
A New Model for African Development
Peer’s success raises intriguing questions about the future of economic development in Africa. For decades, the continent has struggled to replicate Western models of industrialization and financial development. But startups like Peer suggest a different path – one that leverages technology to create uniquely African solutions to African challenges.
“We don’t need to follow the West’s development playbook,” Nandwa argues. “We can create our own models that are more suited to our realities and aspirations.”
This perspective is gaining traction among a new generation of African entrepreneurs and policymakers. They see in companies like Peer a template for how Africa can harness its young, tech-savvy population and leapfrog outdated systems to build a more inclusive and innovative economy.
Despite Peer’s high-tech approach, Nandwa is keen to emphasize the human element of his company’s mission. “At the end of the day, we’re not just building a platform – we’re building trust,” he says. “Financial services are fundamentally about trust, and that’s especially true in communities that have been historically excluded from the formal financial system.”
Nandwa’s ambitions go beyond just financial inclusion. He sees Peer and similar innovations as catalysts for broader social and economic transformation. “When you empower people financially, you’re giving them the tools to improve their own lives,” he explains. “You’re creating the conditions for bottom-up economic development, driven by the creativity and hard work of ordinary Africans.”
In a world often dominated by headlines about Africa’s challenges, the story of Peer offers a refreshing counter narrative – a story of African-led innovation, resilience, and hope. It’s a reminder that sometimes, the most transformative ideas come not from the world’s financial capitals, but from those who have the most to gain from reimagining the system.
As Nandwa puts it in his parting words: “We’re not just building a company. We’re building a new Africa – one transaction at a time.”
