Amidst the fintech boom in Africa, there have always been talks of banks being under threat from the insanely fluid, quick and innovative fintech startups. Those early conversations depicted fintechs as disruptors and threats, but the tone has since changed.
These days, fintechs are more friends than foes to banks with several collaborations between the two spheres of the financial industry. As the relationships have evolved, fintechs and banks are leveraging on their strong points to collaborate.
In April, one of Africa’s traditional banks, Ecobank, held a Fintech Breakfast Series in Lagos and had industry enthusiasts take turns to speak on the need for collaboration and partnerships between banks and fintechs.
One of the speakers in the series was Tomilola Adejana, CEO of Bankly, a fintech startup that digitises cash for the unbanked. She spoke about how the company collaborated with banks to scale in her session.
She mentioned two types of partnerships that Bankly had with banks and two others she expects to see in the future.