Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

FinTech

North Africa Com: Collaboration needed in digital banking

Article Image
Fintech innovation has grown in leaps and bounds in Africa recently; however, the development of digital banking brings a new challenge to fintech service providers.

African banks creating new applications for their clients can pose a threat to fintech apps that previously serviced the unbanked community.

Historically, banks, telcos and fintech platforms were very separate entities that served different customers; however, there has been exponential digitization growth both from a banker's perspective as well as from operators.

Challenges like progressive government policy and regulation, data protection as well as digital taxation have been stumbling blocks for digital economies in North Africa.

Experts on a panel at North Africa Com 2022 discussed the challenge that digital banking brings to the fintech service providers.

Nclude general partner Basil Moftah said the customer journey and experience will always be different for every market and what people will accept as fintech solutions will also be different.

"What is important is that everyone is trying to be innovative in the fintech space, especially in Africa and competition is going to be tough for every player in the next coming period," he added.

Middle East Venture Partners MD Jad El Boustani said the biggest advantage banks have over fintech service providers is a user base that their fintech counterparts don't have.

There is a need for a collaborative approach between banks and fintech service providers, he added.

"Banks have increased their digitization and have worked in creating fintech applications. The task now is for easy applications to be brought to the African market," added Orange Money Morocco CEO Nawal Gharmili Sefrioui.

Even though there are many challenges for digital banking in Africa, there are also a lot of opportunities that can be found in the space, cited Huawei Software Line Vice President Bin Feng.

"Collaboration with the bank and fintech companies must leverage the opportunities that are there in the digital banking space," he added.

Related posts:

*Top image is of contactless payment machine. (Source: Mobile in hand photo created by rawpixel.com - www.freepik.com).

— Matshepo Sehloho, Associate Editor, Connecting Africa

Innovation hub

Story

Google's Equiano subsea cable lands on SA shores

Google’s Equiano subsea cable, which seeks to connect Europe to Africa via the ocean, has made its final stop landing in Melkbosstrand, Western Cape, South Africa.

Story

Women in Tech: Spotlight on legal tech with Life.file's Sinal Govender

Life.file co-founder, Sinal Govender, talks to Connecting Africa as part of our Women's Month series about her career and how we can encourage more young girls to enter the legal tech field.

More Innovation hub

Africa Tech Perspectives

Story

Women in Tech: Spotlight on inclusivity with Digital Council Africa's Juanita Clark

Digital Council Africa founder and CEO, Juanita Clark, talks to Connecting Africa as part of our Women's Month series about her career and what needs to be done to make the tech industry intentionally inclusive.

Story

Women in Tech: Spotlight on legal tech with Life.file's Sinal Govender

Life.file co-founder, Sinal Govender, talks to Connecting Africa as part of our Women's Month series about her career and how we can encourage more young girls to enter the legal tech field.

Story

Digital inclusion as a catalyst for economic empowerment: Mastercard's Imelda Ngunzu

Mastercard's Imelda Ngunzu talks to Connecting Africa about how digital payment solutions and mobile money are transforming the lives of small business owners, women and marginalized groups in East Africa.

More AfricaCom perspectives

Partner perspectives

5G is lighting up the future of North Africa
By Chris Meng, VP of Huawei Northern Africa Carrier Business Department

The moving target that is telecoms fraud
By Clémentine Fournier, Regional VP Sales, Africa, BICS

How mobile operators in Africa can address signalling threats and secure the network
By Katia Gonzalez, Head of Fraud and Security at BICS

All Partner Perspectives

Latest video

More videos

Guest Perspectives

Story

Omdia View: June 2022

By Omdia Analysts

5G was the major news trend across Africa in June, as Orange became the first operator to launch 5G in Réunion and operators in Senegal accelerated their 5G plans despite spectrum delays.

Story

Omdia View: May 2022

By Omdia Analysts

SpaceX-owned Starlink's plans to launch a satellite broadband service in Africa was a major highlight in May 2022, says Omdia's analysts.

More Guest Perspectives

Upcoming events

Africa Tech Festival
November 7-11, 2022
CTICC, Cape Town
More Upcoming events

Archived webinars

Africa Green ICT: Lighting Up a Sustainable Continent

The ICT industry is the leading industry in the commitment to carbon neutrality, whose focus has shifted from setting ambitious targets to taking initiatives. The push for zero-carbon and for green energy development, it isn't just about CSR – it's also good for sustainable business.

The path to sustainable development requires green energy. Governments are looking at potential policy approaches to make green energy more widely available and affordable. Without sustainable energy, there will be no digital transformation and no chance of making Africa more economically competitive in the post-pandemic era.

Africa Green ICT Webinar 2022 will bring together ICT industry leaders and senior industrial analysts to provide insight, best practices and key learnings on how to achieve zero-carbon targets and practice green development in Africa.

More Webinars

Sponsored video

More videos

Flash poll

All polls

Like us on Facebook

Newsletter Sign Up


Sign Up