Africa’s biggest banks are building neobanks and its leading fintechs are turning into banks. Nigerian unicorns Paystack and Flutterwave both secured microfinance bank licences in their home markets this year. Wave established Wave Bank Africa in late 2025 in Côte d’Ivoire, while in Kenya Nigeria’s Moniepoint bought Sumac Microfinance Bank in March 2026, taking control of a licensed microfinance bank. Legacy banks are responding. Attijariwafa Bank this year launched “Simple.”, Morocco’s first neobank, ahead of Revolut’s expected entry. As Standard Bank Group’s CEO points to “intensifying competition” from fintechs, how will banks decide how much of their business to unbundle, which segments to defend, and whether to compete, partner with or acquire the fintechs eating at their margins?
Key points
- Neobanks vs incumbents: Can large African banking groups build agile digital brands without cannibalising their core businesses?
- Fintech as threat or partner: When does acquisition make more sense than internal innovation?
- How can banks achieve sustainable revenues in a mobile-first, low-fee competitive landscape?