I have always said that the future of African fintech (Financial technology) is banking but the future of banking is NOT fintech. Buying or owning technology by the banks is not enough if they can't nimbly provide the services. There is a rapidly growing service chasm between banks and financial technology companies. Challenger financial technology companies will capitalise on this gap and could upend incumbents the same way new generation banks took over dominance from older banks in the past.
People moved from older to newer banks a couple of decades ago because of service-related issues. Those "new generation banks" (as they were called) have now grown old. History seems to be about to repeat itself as another generation of financial services companies, powered by technology, is springing up. New technology standards now make it much easier to set up a financial services company serving a niche customer base than ever before. The only thing that stands between Nigerian banks and technology-powered disruption is not capital or technology; it is the regulator.
...