* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Saturday, August 23, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    How to watch ‘F1: The Movie’ on Prime Video – About Amazon

    Experience the Thrill: How to Stream ‘F1: The Movie’ on Prime Video

    FOX One is now available on Prime Video: Here’s everything to know – About Amazon

    FOX One is now available on Prime Video: Here’s everything to know – About Amazon

    What Are Our Predictions for Taylor Swift’s ‘Life of a Showgirl’ Based on What She’s Told Us So Far? – yahoo.com

    Uncover the Hidden Surprises in Taylor Swift’s ‘Life of a Showgirl’ – Can You Decode Her Clues?

    Bama Dining Serving Up New Food, Entertainment – UA News Center

    Bama Dining Launches Thrilling New Food and Entertainment Experiences

    The latest on Williams-Brice Stadium renovations, entertainment district – On3

    Discover the Thrilling New Upgrades Coming to Williams-Brice Stadium and Its Vibrant Entertainment District!

  • 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
    Alcorn State awarded grant to boost STEM with VR technology – WJTV

    Alcorn State Secures Grant to Transform STEM Education Through Cutting-Edge VR Technology

    Hyundai: The Only Way To Beat China Is To Embrace Technology – InsideEVs

    Hyundai’s Bold Strategy to Outpace China with Cutting-Edge Technology

    Teaching older adults how to use technology – WWNY

    Empowering Older Adults to Master Technology with Confidence

    Denver man receives pacemaker using new technology – CBS News

    Denver Man’s Life Transformed by Revolutionary Pacemaker Technology

    Morgan County Rescue Squad is using new technology to recover people missing in the water faster – WAFF

    Morgan County Rescue Squad is using new technology to recover people missing in the water faster – WAFF

    YSU to celebrate launch of new radiology technology program – WKBN.com

    YSU Launches Exciting New Radiology Technology Program Celebration

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

    How to watch ‘F1: The Movie’ on Prime Video – About Amazon

    Experience the Thrill: How to Stream ‘F1: The Movie’ on Prime Video

    FOX One is now available on Prime Video: Here’s everything to know – About Amazon

    FOX One is now available on Prime Video: Here’s everything to know – About Amazon

    What Are Our Predictions for Taylor Swift’s ‘Life of a Showgirl’ Based on What She’s Told Us So Far? – yahoo.com

    Uncover the Hidden Surprises in Taylor Swift’s ‘Life of a Showgirl’ – Can You Decode Her Clues?

    Bama Dining Serving Up New Food, Entertainment – UA News Center

    Bama Dining Launches Thrilling New Food and Entertainment Experiences

    The latest on Williams-Brice Stadium renovations, entertainment district – On3

    Discover the Thrilling New Upgrades Coming to Williams-Brice Stadium and Its Vibrant Entertainment District!

  • 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
    Alcorn State awarded grant to boost STEM with VR technology – WJTV

    Alcorn State Secures Grant to Transform STEM Education Through Cutting-Edge VR Technology

    Hyundai: The Only Way To Beat China Is To Embrace Technology – InsideEVs

    Hyundai’s Bold Strategy to Outpace China with Cutting-Edge Technology

    Teaching older adults how to use technology – WWNY

    Empowering Older Adults to Master Technology with Confidence

    Denver man receives pacemaker using new technology – CBS News

    Denver Man’s Life Transformed by Revolutionary Pacemaker Technology

    Morgan County Rescue Squad is using new technology to recover people missing in the water faster – WAFF

    Morgan County Rescue Squad is using new technology to recover people missing in the water faster – WAFF

    YSU to celebrate launch of new radiology technology program – WKBN.com

    YSU Launches Exciting New Radiology Technology Program Celebration

    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

I am betting on banking, not fintech

May 1, 2024
in Technology
I am betting on banking, not fintech
Share on FacebookShare on Twitter

This article was contributed to TechCabal by Uzoma Dozie.

I am going to do banking, but better. The vast majority of our current crop of African fintechs claim to make banking easier—banking the unbanked/underbanked, etc. But there are limitations to banking when seen only through the fintech lens; and those who have fintech experience, without banking experience, will struggle to genuinely scale and make a real impact or create meaningful value for their customers or their investors.

The fintech narrative that permeates all tech and finance discussions is quite superficial and global VCs have been hypnotised by and bought into the narrative, with their chequebooks; and I can see why. Africa has a highly mobilised market that has traditionally been underserved by the larger institutional banks. Banks haven’t been able to serve the un- or underbanked; and fintechs have, on the surface, plugged that gap. 

However, in their rush to sign up new customers and continuously update their pitch decks with their CACs, the fintechs seem to have forgotten the fundamentals of banking; how to create value for customers whilst extracting value to make the bank a revenue-generating entity. Signing up customers is great; monetising customers is greater still, but generating mutually beneficial value for all is truly the greatest.

Fintechs won the UX battle and they won the dialogue with potential customers; they made banking a little more palatable, a little sexier to the masses. And that’s important because banking is mostly unsexy—risk management, data management, cybercrime, corporate and financial governance—all deeply unsexy to many people. 

But do you know what is worse? Having your data stolen because the platform holding your life savings hasn’t invested in protecting itself from cyber attacks. 

What’s even worse? Having chosen a fintech to hold all your business banking funds, and the platform has such poor governance or understanding of treasury management that they cannot release YOUR funds to cover YOUR payroll because it hasn’t understood the difference between investment funds and customers’ funds.

Keeping customers’ money safe is the bare minimum when it comes to banking. As a financial services institution you are storing value, and if you do that properly, you are creating more value. This covenant, this trust, cannot be broken—this is not a technology play, it’s a banking play. Eat, sleep, dream, and breathe banking fundamentals for many years, then use technology to build upon your deep-rooted foundations. That’s how it has to be done.

I’m currently reading Chris Skinner’s book, Intelligent Money, and he is also fixated on how we store value and keep it safe. He looks at the crucial frameworks [which are banking-led, not fintech-led], the importance of banking knowledge, and also the ability to manage [and anticipate] risk — all of which must be considered when keeping customers happy. And by happy, I mean, keeping their money safe and not breaking the covenant of trust.

But whilst I’m betting on banking, this doesn’t mean that I’m not an advocate for tech-powered banking. In fact, advocate seems too lightweight a term to describe me. I cannot entertain a world of banking that isn’t massively enhanced and revolutionised by technology. This doesn’t make me a fintech. Here’s why. Technology allows us to process huge amounts of data, at scale, and fast. This allows us to make much better, more targeted banking decisions on areas such as risk mitigation [loan defaults etc.] and allows more frequent and better decisions [basically, better banking]. 

Technology also allows us to crack down on cyber security, giving us the advantage to see attacks in real-time and trace the money [in most cases] back, reinforcing the need to build trust through security. It also allows us to build banks with better operational capital efficiency; onboarding new customers digitally, and removing the high cost of physical branches. The reduction of costly overheads can then be passed on to customers who can enjoy a lower cost of banking whilst receiving high-quality services. Technology also forces better corporate governance; digital trails [RIP paper trails] provide transparency at every level — from bottom to top—something fintechs have not always been so hot on.

At Sparkle, we are very clear on who we are—a bank-led service provider powered by a fintech structure. We are a banking service building a self-sustaining [and subsequently profitable] business. We are not simply building a following that is subsidised by venture capital for a lengthy, undefined period. In the same way, we are building value and managing risk for our customers, we do the same thing for our investors. And this is why I’m betting on banking and not fintech.

—

Uzoma Dozie is a banker, tech investor, and financial inclusion advocate. He is the CEO and Founder of Sparkle. Before launching Sparkle, he was the GMD and Bank CEO of Diamond Bank where he successfully implemented a merger with Access Bank Plc.

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/2024/04/30/betting-on-banking-not-fintech-uzoma-dozie/

Tags: BankingBettingtechnology
Previous Post

JAMB 2024 results are now out for checking

Next Post

Twiga Foods hires Jumia’s Charles Ballard as new CEO

Putin wants to attend 2026 FIFA World Cup in the U.S. “very badly,” Trump says – Axios

Putin Eager to Attend 2026 FIFA World Cup in the U.S., Says Trump

August 23, 2025
How the semiconductor boom and ASU are transforming Arizona’s economy – ASU News

How the semiconductor boom and ASU are transforming Arizona’s economy – ASU News

August 23, 2025
From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

From polka to Poison, Corn Palace adjusts entertainment offerings with the times – Mitchell Republic

August 23, 2025
Luther College to host discussion exploring links between soil and food health – Luther College

Luther College to host discussion exploring links between soil and food health – Luther College

August 23, 2025
OPINION | WOODY BASSETT: Can the nation do better in its politics? Can the Democrats? – Northwest Arkansas Democrat-Gazette

OPINION | WOODY BASSETT: Can the nation do better in its politics? Can the Democrats? – Northwest Arkansas Democrat-Gazette

August 23, 2025
Crossings: How Road Ecology is Shaping the Future of Our Planet – Living on Earth

Crossings: How Road Ecology is Shaping the Future of Our Planet

August 23, 2025
Toyota Friday Night Rivals kicks off season with Elizabethton at Science Hill – WCYB

Toyota Friday Night Rivals Ignite the Season with Elizabethton vs. Science Hill Showdown

August 23, 2025
Star Trek as Refuge for the Science-Minded – The Provincetown Independent

How Star Trek Ignites Passion and Empowers the Science-Minded

August 23, 2025
Refresh your wardrobe at these 11 QTS award-winning fashion and lifestyle stores – Time Out Worldwide

Transform Your Look with These 11 Must-Visit Fashion and Lifestyle Stores

August 23, 2025
Alcorn State awarded grant to boost STEM with VR technology – WJTV

Alcorn State Secures Grant to Transform STEM Education Through Cutting-Edge VR Technology

August 23, 2025

Categories

Archives

August 2025
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
« Jul    
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 (785)
  • Economy (806)
  • Entertainment (21,685)
  • General (16,624)
  • Health (9,846)
  • Lifestyle (818)
  • News (22,149)
  • People (807)
  • Politics (815)
  • Science (16,018)
  • Sports (21,304)
  • Technology (15,786)
  • World (787)

Recent News

Putin wants to attend 2026 FIFA World Cup in the U.S. “very badly,” Trump says – Axios

Putin Eager to Attend 2026 FIFA World Cup in the U.S., Says Trump

August 23, 2025
How the semiconductor boom and ASU are transforming Arizona’s economy – ASU News

How the semiconductor boom and ASU are transforming Arizona’s economy – ASU News

August 23, 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