Conversation is the key to success of banking in Africa | FF News at Banking Transformation Africa

The theme for the 3rd annual Banking Transformation Africa conference was “Shaping the Future of Banking in Africa”. At the heart of that is a word that is likely familiar to many in the financial services and fintech sector: collaboration.

Maurice Enslin from FF News attended the two day summit, which was attended by executives, decision makers and thought leaders from across the banking industry, and found an inspiring and encouraging mix of delegates who are championing the future of the sector in Africa.

There’s a lot happening on the continent, as we’ve discussed before, and this was only more apparent here. My main takeaway from BTA, which took place on 16th and 17th of October, was the conversations that are happening between banks, regulators and fintech companies. There’s been a transition from banks learning how to compete with fintechs, to realising that the way forward is about working together.

Wherever there are gaps in a bank’s capabilities, there are fintechs there to help, as shown by many of the talks I attended.

Of the fintechs presenting here, Chenosis, SprintHive, HID Global and Zora Group all really stood out. From over 40 speakers in attendance, I particularly enjoyed talks from Kumaran Selvarajalu, Akash Dowra, Dami Adebari, and Osahon Akpata who all showed their real passion and enthusiasm for the space. Banking in Africa is in good hands and the future looks promising if people like this are at the helm.

Of course, conversation and collaboration is also about working with the regulator and it was good to see representatives engaging with this side of the ecosystem. Ultimately the conclusion of many was about finding a good balance between banking innovation and following the rules.

The event, which took place in Sandton, Johannesburg in South Africa, was a real success and had a great buzz. I think events like this are crucial for improving banking and finance in Africa and long may it continue. I’ll see you next year.