How banks & fintechs are driving the future of financial services in Nigeria

As Nigeria works towards driving an inclusive digital transformation, banks and fintechs are already positioning for the opportunities ahead. Standard Bank recently partnered with payment technology company Flutterwave to enhance digital payments across 8 African countries. Olu Delano, Head, Client Coverage at Stanbic IBTC Bank, joins CNBC Africa for more.

Wed, 10 Nov 2021 12:02:51 GMT

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AI Generated Summary

The partnership between Standard Bank and Flutterwave to enhance digital payments across Africa highlights the growing importance of collaboration in the financial services sector.
The relationship between banks, telcos, and fintech companies is evolving rapidly, with a focus on addressing diverse financial service needs.
The African Continental Free Trade Agreement presents an opportunity for innovation in payments and trade facilitation across the continent.

As Nigeria continues to pave the way for an inclusive digital transformation, banks and fintech companies are gearing up for the opportunities that lie ahead. The recent partnership between Standard Bank and payment technology company Flutterwave to enhance digital payments across eight African countries has sparked interest in the evolving landscape of financial services in Nigeria. Olu Delano, the Head of Client Coverage at Stanbic IBTC Bank, sheds light on the strategic approach behind such collaborations and the future of payments in Nigeria. The relationship between banks, telcos, and fintechs in Nigeria is evolving rapidly, with telcos acquiring payment services bank licenses and fintech companies offering tailored solutions to meet customer needs. Delano emphasizes the importance of addressing a range of financial service needs, from payment solutions to investment and savings options, to promote financial inclusion. The African Continental Free Trade Agreement presents a significant opportunity for innovation in payments, with payments serving as a critical backbone for facilitating trade across the continent. Delano's outlook on the future of payments is optimistic, highlighting the accelerated digital transformation brought about by the COVID-19 pandemic. He anticipates more collaborations and innovative solutions in the pipeline, emphasizing the role of partnerships in driving the evolution of financial services in Nigeria. The focus on digitization and customer-centric solutions is shaping the way banks and fintech companies approach client relationships and value creation. Collaborations like the one between Standard Bank and Flutterwave are just the beginning of a new era in financial services in Nigeria, marked by innovation, inclusivity, and strategic partnerships.