Africa: UBA, Fintech Leaders Push Unified Approach to Strengthen Africa’s Payments Ecosystem

United Bank for Africa (UBA) Plc has called for deeper collaboration between traditional banks and fintech firms, signalling a strategic shift from competition to partnership as Africa’s digital payments ecosystem continues to evolve.

This position was reinforced at the bank’s inaugural Fintech Conference in Lagos, themed “Navigating Regulatory Milestones: The Future of Bank–Fintech Partnerships.” The event convened key industry players, including fintech operators, global payment providers, and regulators, to address the future of financial integration across the continent.

Opening the session, UBA’s Executive Director of Digital Banking, Emmanuel Lamptey, urged stakeholders to move beyond fragmented competition and embrace collective value creation.

“The future is not banks versus fintechs, but banks working with fintechs. Combining institutional scale, trust, and regulatory strength with innovation and agility creates a more inclusive and efficient financial system,” he said.

Across discussions, participants acknowledged that the pace of fintech innovation has outstripped the development of standalone infrastructure, making collaboration increasingly critical to scaling services and improving access.

Industry leaders noted that the sector has reached an inflection point where removing structural barriers between banks and fintechs will determine the speed and sustainability of growth across African markets.

While the expansion of instant payments and digital channels was highlighted as a major success, stakeholders also raised concerns around the growing complexity of cybersecurity risks, particularly as artificial intelligence becomes more embedded in financial services.

Experts warned that each layer of innovation introduces new vulnerabilities, requiring a coordinated approach to risk management. The growing sophistication of threats, they noted, has created a dynamic environment where institutions must continuously invest in advanced security capabilities to match evolving attack vectors.

UBA executives emphasised that strengthening digital trust will be central to sustaining progress, especially as AI-powered services become more prevalent in customer transactions and service delivery.

The conference concluded with a call for closer alignment between regulators and industry players to simplify compliance frameworks and accelerate cross-border payment integration.

For UBA, which operates across multiple African markets and international financial hubs, the long-term objective is to build a seamless payments ecosystem that combines the speed of fintech innovation with the resilience and security of established banking systems.

The broader consensus from the event was clear: the future of Africa’s payments landscape will be driven not by isolated players, but by a collaborative ecosystem built on shared infrastructure, trust, and innovation.