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Fintechs have to look for banks who can help them scale across borders easier and also with compliance.


At the end of the day, you want to scale. There is no point in having a business, and you want to have 100,00 customers.

The reason Africa is considered a very attractive market is because of the billion-plus people that are in the continent and about 200m are in this country, and that's why you can have a fintech company having six million customers in Nigeria.

Scale is very important, and you have to have that at the bank of your mind. When you get started, you want to acquire customers very quickly, but you also want to make sure that you take scale. So when you are looking at developing partnerships, you must have that end state in mind.

If you are going to have an integration in every country that you go into, you are going to reduce your speed, you will struggle with your Go-To-market, and that can be a challenge. Choosing a partner that got scale across the African continent is critical.

Support with compliance

Part of the reasons fintech has been able to move very fast is that they are not as heavily regulated as the banks. Part of the reason why we are slow is because we are under huge scrutiny and there are a lot of resources dedicated to ensure that we comply. This is not just a Nigerian phenomenon or an African phenomenon; it's a global phenomenon. All banks globally are heavily regulated. Globally, banks are spending around $70m on just regulations.

One bank has 30,000 compliance officers. The reason why we have all those compliance officers is to ensure that everything that we do operates within the law. But by partnering with fintechs, the banks ensure that you remain safe, you do things within the law, and that entails that you are able to scale very fast. In partnership with the bank, leveraging the investments on compliance officers is critical for fintech.

Danielle - Fincra Editorial

Author Danielle - Fincra Editorial

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