Getting fintechs and their culture into banks and payments

Last week, Nomanini CEO Vahid Monadjem joined a panel discussion on bank <> fintech partnerships at Seamless Southern Africa. Together with Brad Gills of Standard Bank he shared a few key insights gained over the past year of working together to launch Trader Solutions in multiple countries across the continent.

Some of the critical factors for successful partnerships between banks and fintechs highlighted included:

1. The importance of having a key executive sponsor who maintains and sustains the partnership.

2. Futher, it is not just important to build alliances and trust-based relationships with the sponsor but to build a network of collaborations to reduce dependency on an individual stakeholder.

3. Each partner should clearly define their expectations and the mutual goals of the partnerships should be

4. Lastly, timing plays an important role in building synergies and partnerships. Often, a pitch and solution can be perfect but if the timing is off, it often falls through.

Trader Solutions enables Standard Bank to offer loans to first time informal MSME merchants, expand its customer base, and boost its branchless banking services across the continent. Read more about our fintech platform for financial services providers looking to succeed in cash-first markets here.

About Nomanini

Nomanini is a pioneering fintech that connects merchants, distributors and service providers to overcome fragmentation, optimise digital distribution, and scale Africa’s informal retail ecosystem by combining new digital financial services with existing distribution networks.

Nomanini was founded in 2010 and is headquartered in South Africa.