Evans Kathyoli, Founder and CEO, Binary Ltd
In the heart of rural Kenya, where the rhythm of life is dictated by nature’s seasons, a young boy named Evans Kathyoli harbored no dreams of becoming an entrepreneur. Like many children, he aspired to excel in school and land a respectable job, perhaps in finance. However, Evans possessed something extraordinary—a relentless drive to excel in whatever he set his mind to. This simple but profound principle, “Whatever is worth doing, is worth doing right,” has become the cornerstone of his remarkable journey to leading one of Kenya’s most dynamic tech firms, Binary Ltd.
Growing up, Evans was a quiet child, introspective yet self-assured. “I had to learn to find my voice as a leader,” he recalls. This self-awareness laid the foundation for his leadership style—calm, flexible, yet firm. It wasn’t ambition for entrepreneurship that drove him but an innate desire to be exceptional in whatever path he chose. His early life instilled in him a sense of discipline and perseverance that would later become invaluable in navigating the turbulent waters of entrepreneurship.
A Twist of Fate Sparks a New Path
Evans began his higher education journey with a focus on finance, but fate had other plans. A missed international exam due to financial constraints left him at a crossroads. While waiting for six months to retake the exam, he decided to enroll in an IT program as a complement to his finance studies. To his surprise, technology ignited a spark within him that finance never had. The dynamic, problem-solving nature of IT captured his imagination, setting him on an unexpected trajectory. He later returned to complete his degree in IT, graduating in 2015, the same year he founded Binary Ltd.
Before launching Binary, Evans honed his expertise through two tech startups—Zinga Technologies and Riverbank Solutions. As co-founder of Riverbank, he played a pivotal role in growing the company to over $10 million in annual revenue. But Evans had a vision that extended beyond the confines of existing paradigms. “I wanted to do things differently,” he explains. This conviction led him to leave a thriving company and start from scratch—a bold move that marked the birth of Binary Ltd.
The Challenges That Forge Resilience
Evans’ journey was far from smooth. “Entrepreneurship is emotionally and financially draining,” he admits. He bootstrapped Binary Ltd from its inception, taking on debt and making personal sacrifices to keep the business afloat. Cash flow management proved to be one of the most significant challenges, alongside building a team that shared his vision. Managing people, Evans notes is one of the toughest aspects of entrepreneurship.
Despite these hurdles, his unwavering determination and strategic approach paid off. He emphasizes the importance of trust and reliability, which Binary Ltd cultivated through its agility and ability to over-deliver on promises. Early on, the company made a name for itself by being the first in the region to implement 3D secure technology in its payment gateway—a feat that showcased its commitment to innovation.
Binary Ltd: Driving Innovation and Transformation
Binary Ltd has carved a niche for itself as a leader in digital payments, niche applications, integrations, analytics, and consultancy services. The company’s agility and readiness to adopt cutting-edge technology give it a significant competitive edge. Under Evans Kathyoli’s leadership, Binary Ltd is emerging as a trailblazer in artificial intelligence (AI) solutions tailored for community financial institutions, particularly small and medium SACCOs in underserved regions. This bold vision underscores Binary’s commitment to meaningful transformation at the grassroots level.
Evans has fostered a culture of creativity and continuous learning within the company, encouraging his team to take ownership of their ideas and embrace experimentation—even when it involves failure. “The room to experiment and fail should be encouraged,” he asserts. By setting ambitious targets and fostering trust, he inspires his team to grow both personally and professionally. This approach not only drives innovation but also ensures that Binary Ltd remains at the forefront of technological advancements, delivering transformative solutions that impact communities in powerful ways.
Looking to the Future: Betting on AI and Inspiring the Next Generation
For Evans Kathyoli, the future of technology lies in analytics and artificial intelligence (AI). Unlike fleeting trends such as cryptocurrency and virtual reality, AI resonates deeply with him due to its vast, practical applications in the region. Binary Ltd is channeling its resources into developing AI-driven solutions tailored to empower community financial institutions, particularly small and medium SACCOs. This vision promises to transform underserved communities and drive meaningful change at the grassroots level.
Evans is candid about the challenges of entrepreneurship but remains optimistic about its potential to create impact. He encourages aspiring entrepreneurs to embrace failure as a learning opportunity and to explore untapped sectors like agriculture, mining, and manufacturing. “Most entrepreneurs are rule breakers,” he notes. “As long as one has the conviction that their idea can work, and they forge a plan, they have a chance.”