Fintech companies shouldn’t only collaborate with banks, but also with each otherMay 18, 2017 Blog
The Fintech industry in Africa has developed into an area of specialised roles. No longer is everybody focusing on the same market. This opens up opportunities for Fintech companies to work and collaborate with each other to offer niche products.
Companies with different focus and product offerings can combine their services to offer their clients a fuller suite of products which will separate themselves from the competition.
Banks have also realised that building innovation in-house is slow and expensive, whereas partnering with a Fintech company could assist them in offering certain customer segments agile customer support. This is also beneficial to Fintech’s as they are able to reach a customer base which they might not have had access to previously.
“The increased willingness of banks and fintechs to work together will be of great benefit to the development of the African fintech industry. It is critical now that we start to see more partnerships between fintechs themselves to widen their product offerings to give the best chance of survival in a busy market.”
This article was based on “Consolidation of the Fintech ecosystem in Africa” which you can read here.