Banks to partner with fintech companies to spur digitization

Lenin Lumumba

The Kwara Take

The Fintech Times published an article on the need for banks to partner with fintech companies in order to accelerate digital transformation. The story emphasized that banks need to reconstruct their current business models around technology in order to remain relevant.

In as much as the article talks about banks only. The narrative speaks to the entire financial system and especially SACCOs. Covid 19 and its disruptions gave the entire industry an awakening on the need to digitize operations. Kwara advocates for a digitized cooperative sector so that the industry can thrive and have a huge impact on its members.

Financial technology has proven to be a key catalyst for financial inclusion and financial health. With a digitally empowered population, it is now critical for SACCOs and other credit cooperatives to embrace a digital mindset and shift operations to a digital platform. This way we will fast forward the benefits of digitization and turn all SACCOs to effective digital financial institutions.

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