* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Tuesday, June 3, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Salem’s Harborwalk Garden Cultivates Community with Entertainment, Food, and Events – 105.7 WROR

    Discover the Vibrant Community Spirit at Salem’s Harborwalk Garden: A Hub for Entertainment, Food, and Fun!

    Entertainment-Focused Narrative and Culture Change Practice – New America

    Transforming Culture Through Engaging Entertainment Narratives

    Rising stars: Young classical musicians surging on social media – Yahoo

    Meet the Next Generation of Classical Music Sensations Making Waves on Social Media!

    Devin Harjes Dies: ‘Manifest’ & ‘Boardwalk Empire’ Actor Was 41 – WyomingNews.com

    Tragic Loss: Devin Harjes, Star of ‘Manifest’ and ‘Boardwalk Empire,’ Passes Away at 41

    Why Starz Entertainment Stock Soared Today – The Motley Fool

    Unpacking the Surge: What Fueled Starz Entertainment’s Stock Explosion Today!

    Unveiling the Enigmatic: First Looks at Destruction and Puck in ‘The Sandman

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Finland Set to Lead EU Quantum Technology Defense Project – IoT World Today

    Finland Set to Lead EU Quantum Technology Defense Project – IoT World Today

    AI for lawyers: Win back your time using technology – nationaljurist.com

    Reclaim Your Time: How AI is Transforming the Legal Profession

    Prosecutors accuse men of exporting U.S. military technology to China – Milwaukee Journal Sentinel

    Men Charged with Illegally Exporting U.S. Military Technology to China

    ROLAND’S NEW WIRELESS TRIGGER TECHNOLOGY, PORTER & DAVIES ON TOUR, NEW 64 AUDIO ASPIRE UNIVERSAL IEM MODELS, WAVES FREE PLUGIN PACK – Modern Drummer Magazine

    ROLAND’S NEW WIRELESS TRIGGER TECHNOLOGY, PORTER & DAVIES ON TOUR, NEW 64 AUDIO ASPIRE UNIVERSAL IEM MODELS, WAVES FREE PLUGIN PACK – Modern Drummer Magazine

    This giant microwave may change the future of war – MIT Technology Review

    Revolutionizing Warfare: The Impact of a Game-Changing Giant Microwave

    Bajeed Pattan Joins Forbes Technology Council as Innovation Leader – PRWeb

    Bajeed Pattan Takes the Helm as Innovation Leader at Forbes Technology Council!

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Salem’s Harborwalk Garden Cultivates Community with Entertainment, Food, and Events – 105.7 WROR

    Discover the Vibrant Community Spirit at Salem’s Harborwalk Garden: A Hub for Entertainment, Food, and Fun!

    Entertainment-Focused Narrative and Culture Change Practice – New America

    Transforming Culture Through Engaging Entertainment Narratives

    Rising stars: Young classical musicians surging on social media – Yahoo

    Meet the Next Generation of Classical Music Sensations Making Waves on Social Media!

    Devin Harjes Dies: ‘Manifest’ & ‘Boardwalk Empire’ Actor Was 41 – WyomingNews.com

    Tragic Loss: Devin Harjes, Star of ‘Manifest’ and ‘Boardwalk Empire,’ Passes Away at 41

    Why Starz Entertainment Stock Soared Today – The Motley Fool

    Unpacking the Surge: What Fueled Starz Entertainment’s Stock Explosion Today!

    Unveiling the Enigmatic: First Looks at Destruction and Puck in ‘The Sandman

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Finland Set to Lead EU Quantum Technology Defense Project – IoT World Today

    Finland Set to Lead EU Quantum Technology Defense Project – IoT World Today

    AI for lawyers: Win back your time using technology – nationaljurist.com

    Reclaim Your Time: How AI is Transforming the Legal Profession

    Prosecutors accuse men of exporting U.S. military technology to China – Milwaukee Journal Sentinel

    Men Charged with Illegally Exporting U.S. Military Technology to China

    ROLAND’S NEW WIRELESS TRIGGER TECHNOLOGY, PORTER & DAVIES ON TOUR, NEW 64 AUDIO ASPIRE UNIVERSAL IEM MODELS, WAVES FREE PLUGIN PACK – Modern Drummer Magazine

    ROLAND’S NEW WIRELESS TRIGGER TECHNOLOGY, PORTER & DAVIES ON TOUR, NEW 64 AUDIO ASPIRE UNIVERSAL IEM MODELS, WAVES FREE PLUGIN PACK – Modern Drummer Magazine

    This giant microwave may change the future of war – MIT Technology Review

    Revolutionizing Warfare: The Impact of a Game-Changing Giant Microwave

    Bajeed Pattan Joins Forbes Technology Council as Innovation Leader – PRWeb

    Bajeed Pattan Takes the Helm as Innovation Leader at Forbes Technology Council!

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

Beyond innovation, Nigerian fintechs must build strong partnerships to truly win

July 7, 2023
in Technology
Beyond innovation, Nigerian fintechs must build strong partnerships to truly win
Share on FacebookShare on Twitter

The past decade has seen Nigerian fintechs disrupt the operations of traditional banks by offering digital-driven products and services. But to truly win, fintechs must embrace partnerships.

There is a running joke that the phrase “banking the unbanked” should be permanently erased from techspeak. The reason isn’t far-fetched. Over the years, many Nigerian fintech startups have sprung up to disrupt traditional banking known for its unsteady infrastructure. But for all the innovation and technology-driven convenience that digital banks have brought, some have questioned whether these upstarts are solving the problem of financial inclusion. According to this KPMG report, more than one in 3 Nigerian adults are financially excluded. Bar a few fintechs that appear to have hacked the agency banking model, most digital banks are banking the already banked.

At the Development Bank of Nigeria (DBN)’s Techpreneur 2023 Summit held on Tuesday, Olu Akanmu, president and co-CEO of OPay Nigeria, stated that there are more Nigerian fintechs focused on providing services for existing bank customers instead of targeting the unbanked population.

“There is a greater purpose fintechs have to fulfill to drive more extended financial inclusion, not just to chase the customers of incumbent banks even when they might have been underserved,” he said in his keynote address.

Olu Akanmu, president and co-CEO of OPay Nigeria, delivering the keynote address.

To fully grasp the performance of Nigeria’s financial inclusion journey, let’s compare it with Kenya. Per the 2021 FinAccess Household Survey, financial inclusion in Kenya stood at 83% in 2019, with banks providing 44%, while non-banks—largely fintechs—contributed 39%. But in Nigeria, financial inclusion stood at 51% in 2020, according to the EFInA Access to Financial Services Survey. Of this figure, the banks led the way with 45%, while only an additional 6% was served by the non-banks mostly fintechs. 

Partnerships as the way forward

Today, fintechs and banks are converging in the business of building platforms and offering financial services. While banks are fortifying their technology to retain customers, fintechs aren’t resting on their oars to make stronger inroads into the market. Industry experts have since made a case for collaboration between both players.

Akanmu, whose company helped Nigerians deal with a cash crunch in early 2023, argued that the digital innovations of fintechs when combined with the partnerships could expand market access and reach and scale at no cost. “With deliberate partnerships for a bigger purpose to create more value, the customers and the businesses will benefit,” he said.

Speaking during a panel session themed, ‘Promoting Innovation and Sustainable Partnerships’, Kristin Wilson, Strategy Lead at Spurt, reiterated Akanmu’s point on the essence of partnerships. “It is such a critical aspect of what makes it possible for early-stage tech businesses to thrive. It is important for businesses to continuously invest in partnerships that allow them to access customers,” she said.

Image Source: TechCabal.

But partnerships are a tricky business. As this TechCabal article argues, Nigerian banks want fintech collaborations, but for specific and unique needs. “In essence, the future of fintech-bank relationships rests on meeting at a point of common needs, where original value is exchanged at mutually beneficial costs,” it stated.

Akanmu admitted that this is a contentious issue, “especially for startups that sometimes feel that they are getting the short end of the stick”. However, he urged startups to evaluate the opportunity cost of connecting with bigger platforms (read: banks) to expand their reach and market access.

Another important issue tied to partnerships is the question of regulation. Nigerian fintechs are encouraged to have proactive management of regulatory and compliance issues. For example, in May, the Central Bank of Nigeria revoked the operating licenses of more than a hundred financial institutions—including fintechs—for non-compliance. But Akanmu noted that tech players should have an open mind to regulations: “Regulators see wider and broader than our individual businesses in terms of the macro effects of our innovations and their unintended consequences.”

Get the best African tech newsletters in your inbox

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechCabal – https://techcabal.com/2023/07/06/beyond-innovation-nigerian-fintechs-must-build-strong-partnerships-to-truly-win/

Tags: BeyondInnovationtechnology
Previous Post

Bolt records 150 million users and appoints new CFO

Next Post

Mastercard and SomBank partner to launch debit cards in Somalia

Report ranks Iowa as state with the worst economy – KCRG

Report ranks Iowa as state with the worst economy – KCRG

June 3, 2025
Salem’s Harborwalk Garden Cultivates Community with Entertainment, Food, and Events – 105.7 WROR

Discover the Vibrant Community Spirit at Salem’s Harborwalk Garden: A Hub for Entertainment, Food, and Fun!

June 3, 2025
18 High-Protein Breakfasts for Better Gut Health – EatingWell

Boost Your Gut Health with These 18 Delicious High-Protein Breakfasts!

June 3, 2025
Diagnosis for 6.2.25: Checking the pulse of Florida health care news and policy – Florida Politics

Diagnosis for 6.2.25: Checking the pulse of Florida health care news and policy – Florida Politics

June 3, 2025
Finland Set to Lead EU Quantum Technology Defense Project – IoT World Today

Finland Set to Lead EU Quantum Technology Defense Project – IoT World Today

June 3, 2025
Road accident in northern Nigeria kills 22 athletes returning from a sports festival – ABC News

Tragic Road Accident Claims Lives of 22 Athletes Returning from Sports Festival in Northern Nigeria

June 3, 2025
AI carves out a niche in ecology and conservation research – Nature

AI carves out a niche in ecology and conservation research – Nature

June 3, 2025
Opinion | JD Vance Defies the Market’s Gravity – WSJ

JD Vance: Challenging Market Norms and Defying Expectations

June 3, 2025
RFK Jr. Says Healthy Pregnant Women Don’t Need Covid Boosters. What the Science Says. – KFF Health News

RFK Jr. Challenges Covid Booster Necessity for Healthy Pregnant Women: What the Research Reveals

June 3, 2025
Updates to Lifestyle’s Spring Quarter bucket list – The UCSD Guardian

Exciting New Additions to Your Spring Quarter Bucket List!

June 3, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (661)
  • Economy (676)
  • Entertainment (21,582)
  • General (15,257)
  • Health (9,719)
  • Lifestyle (678)
  • News (22,149)
  • People (677)
  • Politics (685)
  • Science (15,896)
  • Sports (21,181)
  • Technology (15,663)
  • World (663)

Recent News

Report ranks Iowa as state with the worst economy – KCRG

Report ranks Iowa as state with the worst economy – KCRG

June 3, 2025
Salem’s Harborwalk Garden Cultivates Community with Entertainment, Food, and Events – 105.7 WROR

Discover the Vibrant Community Spirit at Salem’s Harborwalk Garden: A Hub for Entertainment, Food, and Fun!

June 3, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version