ICT Policy: Foreign tech companies to give up 30% ownership to Kenyans
submitted over 4 years ago by taya
submitted over 4 years ago by taya
- Kenya's Ministry of Information and Communication Technology has released a new policy requiring foreign tech companies to have at least 30% Kenyan ownership to operate in the country, aiming to boost local participation in the ICT sector and develop the digital economy.
- Companies have 3 years to meet this requirement, with possible extensions, but publicly listed companies will follow the rules of the Kenyan Capital Markets Authority for equity participation.
- The policy may impact fundraising for startups and expansion into Kenya, but it aims to increase local involvement in the tech industry and tax revenues generated in the country.
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