Why African banks must work with fintech startups

The need for African banks to innovate at a quicker pace and access new customer segments is behind the increasing number of financial institutions partnering with or investing in fintech startups.

Disrupt Africa reported last month on how we are unlikely to see vast numbers of banks acquiring fintech startups, but there is evidently a trend towards African banks signing deals with startups in order to access their expertise.

Part of the reason for this is that startups are capable of doing things banks cannot, like innovating at a fast pace.

“Banks can gain agility and speed in bringing innovations to market,” said Peach Payments co-founder Rahul Jain, whose company took part in a Barclays accelerator in Cape Town and signed a proof of concept deal with the bank.

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