United Bank for Africa (UBA) has called for stronger collaboration between traditional banks and fintech companies to secure and accelerate the future of Africa’s digital payment ecosystem, signalling a shift away from competition-driven fragmentation within the financial services sector.
The message came during UBA’s inaugural Fintech Conference held in Lagos, themed “Navigating Regulatory Milestones: The Future of Bank–Fintech Partnerships”, which brought together major players including OPay, PalmPay, Mastercard, and representatives of the Central Bank of Nigeria to discuss the future of financial integration on the continent.
TheCable Business Desk reports that discussions at the event centred on the need for a unified financial ecosystem where banks provide regulatory strength and trust, while fintech firms contribute innovation and speed to drive inclusion and efficiency across Africa’s payment infrastructure.
UBA’s Executive Director of Digital Banking, Emmanuel Lamptey, said the industry must move beyond rivalry, stressing that “the future is not banks versus fintechs but banks with fintechs,” adding that collaboration would unlock a more inclusive and scalable financial system for millions of Africans.
Fintech operators at the conference echoed similar views, noting that rapid technological advancement has outpaced standalone infrastructure development. Seyi Ebenezer, Chief Executive Officer of PayAza, said the sector has reached a critical point where “collaboration is no longer optional” but necessary to achieve scale and remove systemic barriers.
Security concerns also featured prominently, as stakeholders warned that the growth of digital payments has intensified cyber risks. Mastercard executive Peter Ehizogie highlighted that innovation must be matched with stronger defence systems, noting that each advancement in payments introduces new vulnerabilities.
UBA’s Head of Digital Banking Sales, Shamsideen Fashola, reinforced this position, stating that cybersecurity has evolved into a technological arms race where “cybersecurity is now AI versus AI,” requiring equal investment in both innovation and protection.
UBA, which operates across 20 African countries and international markets including New York and Paris, said its long-term vision is to build seamless cross-border payment systems that combine the agility of fintech platforms with the regulatory strength of traditional banking institutions.
Participants at the conference also called on regulators to simplify compliance frameworks and accelerate cross-border integration, arguing that streamlined “regulatory milestones” are essential to supporting innovation and financial inclusion across Africa.
The event concluded with a shared commitment from both banks and fintech firms to deepen cooperation, strengthen ecosystem resilience, and build a unified payment structure capable of supporting Africa’s rapidly expanding digital economy.
