Why Banks And Fintechs in Africa need to Collaborate.
Globally and especially in Africa, the traditional financial services industry has come under intense competition from fintechs-companies driven by innovation, using technology and digital solutions to lure users and customers in the last five years.
In this market, there have been lots of talks about fintechs being the new banks and how banks should be ready to close shops for the more contemporary and fresher tech-driven companies.
But it doesn't have to be so; recent business trends in the industry have seen banks and fintech ... for each other.
In the recently held The Ecobank Fintech Breakfast Series in Lagos, industry enthusiasts took turns to speak on the need for collaboration and partnerships between banks and fintechs.
It's now no longer a debate about the relationship between banks and fintechs. Some fintech companies compete with banks, but there's no overestimating the need for collaboration between these two financial services industry sectors.