BACKBASE
Another example of African ingenuity is in Kenya , where the dominance of telcos in financial services is absolute . In response to this , Equity Bank , CBA and KCB strategically partnered with Safaricom to improve financial inclusion . Custers does not think this is a coincidence : “ As I ’ ve already said , it ’ s often constraints that force companies , even those who traditionally compete , to innovate creatively and work together with the endcustomer experience in mind .”
This unique brand of innovation is not constrained to the private sector , in Custers ’ opinion ; “ I think Africa one place in the world where we ' ve really seen that combination of constraint and community make a tangible , continent-wide difference and actually improve GDPs of countries , often forcing governments to digitally transform because the innovation in the private sector is moving so fast that the citizens now expect that of the governments . If you look at Rwanda , for instance , it is fast becoming a digital-first government , mostly because of the partnerships between banks , FinTechs , government and telcos .”
FinTechs helping African banks Accelerate Their Digital Transformation Backbase and its partners are contributing to the digital transformation of Africa in two different ways . “ On one hand , we are working with the leading banks in Africa , not only creating neobank-like experiences for their customers on their own digital channels but also giving them the opportunity to have an engagement banking platform that seamlessly plugs in the best FinTechs on the continent to augment their capabilities , allowing them to scale at speed .
96 October 2021