“The strategy behind these fintech players is largely to onboard users who are already banked (to some extent) and offer them financial services that their banks do not see them as profitable (or safe) enough to offer to,” Maro Elias posits in a piece in Tekedia.
What do you think is the grand playbook of fintech companies in Nigeria and Africa? Being marginal to banks or actually going to eat the cake which banks have been eating? But guess what: the profit levels of banks have not dropped since the effervescence we have seen in the fintech world.
And what could that mean? This could be symbiotic in the short-term for banks and fintechs. Do not ask me what happens in the long-term!
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Who Solves the Small Scale Payment Problems in Nigeria (MTN, eNaira, etc)?
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