How fintech partnerships are unlocking growth in African banking

For years, banks and fintechs were often seen as competitors, each vying for the same customer base. But today, fintech partnerships are proving to be a game-changer.

By working together, banks and fintechs are unlocking new ways to expand financial access, accelerate innovation, and improve customer experiences. The smartest institutions aren’t asking if they should partner with fintechs—they’re asking how.

Fintech partnerships allow banks to move faster, reach more customers, and offer modern financial services without the heavy lift of building everything in-house. Instead of competing, collaboration enables both players to leverage their strengths: fintechs bring agility and specialized solutions, while banks offer scale, regulatory expertise, and established customer trust.

Through partnerships, banks can:

✅ Accelerate innovation – quickly deploy AI-driven credit scoring, embedded finance, or robo-advisory services without long development cycles.

✅ Expand financial access – integrate with mobile money operators and payment gateways for instant transactions, cross-border remittances, and QR-based payments

✅ Enhance customer experience – leverage automated onboarding, biometric authentication, and conversational banking tools for frictionless engagement.

One bank actively embracing ecosystem collaboration is I&M Bank, recently named Kenya’s favorite bank for the second consecutive year. As part of its strategy, I&M has formed partnerships with fintechs and technology providers to expand financial access and enhance service delivery.

This approach operates on two levels: strengthening corporate ecosystems through existing customer networks and building strategic alliances with fintechs to reach underserved markets. By working with fintech partners, I&M has introduced affordable local currency financing, supporting businesses and individuals without traditional credit access. At the same time, partnerships with technology providers have enabled AI-driven analytics and enhanced cybersecurity measures, improving risk management and digital banking security.

I&M’s approach is proof that banks don’t need to build everything themselves. By integrating fintech solutions, they’ve created a seamless, customer-centric banking experience that addresses real financial gaps.

For banks to fully capitalize on fintech collaborations, a strong integration layer is critical. Many banks struggle with legacy systems that make it difficult to connect with modern fintech solutions.

This is where composable banking platforms come in. Platforms like Backbase provide the foundation for banks to:

• Seamlessly integrate fintech innovations without vendor lock-in

• Scale offerings faster, without the burden of legacy complexity

• Maintain control over their digital transformation while enabling external partnerships

By adopting an ecosystem approach, banks do more than keep pace with change. They create new opportunities. Strategic fintech partnerships enable banks to expand financial access, accelerate innovation, and deliver seamless, customer-first experiences.

The real question is: Is your bank ready to embrace the power of partnerships?