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.


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 -

— Matshepo Sehloho, Associate Editor, Connecting Africa

Innovation hub


Over 5K African SMBs graduate from Google's Hustle Academy

Around 5,300 small and midsized businesses (SMBs) from Kenya, Nigeria and South Africa have graduated from the Google Hustle Academy.


Orange launches super-app 'Max it' for Africa

Telecoms operator Orange has launched its own super-app, called Max it, in five African countries with plans to roll it out across its operations in Africa and the Middle East.

More Innovation hub

Latest video

More videos

Industry announcements

More Industry announcements

Sponsored video

More videos

Africa Tech Perspectives


Uber's Marjorie Saint-Lot on inclusion and sustainability in Africa

Uber's Country Manager for Ghana and Cote d'Ivoire, Marjorie Saint-Lot, shares how the ride-hailing company is approaching public-private partnerships, environmentally friendly initiatives and gender inclusion in Africa.


The 100 most influential African leaders in 2023

A new report from Africa Tech Festival and Connecting Africa puts a spotlight on the top 100 African leaders in the telecoms and technology sector in 2023.


Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

More Africa Tech perspectives

Partner perspectives

All Partner Perspectives

Guest Perspectives


Omdia View: September 2023

By Omdia Analysts

Highlights in September 2023 in the Middle East and Africa included more 5G spectrum licenses, vendor and operator strategies, and partnerships – that and more in this month's Omdia View.


Omdia View: August 2023

By Omdia Analysts

Highlights in August 2023 in the Middle East and Africa included a commercial 5G launch from Ethio Telecom and the signing of a virtual wheeling agreement between Vodacom South Africa and Eskom – that and more in this month's Omdia View.

More Guest Perspectives

Like us on Facebook

Newsletter Sign Up

Sign Up
Tag id I-0000192