Seven African banks supporting startups and SMEs
- Standard Bank acquired Firepay in December 2016, showcasing traditional banks' entry into the fintech boom.
- Equity Bank partnered with Mastercard to launch e-commerce payment solutions for SMEs in Kenya.
- Nedbank invested in Aerobotics, an agritech startup, in 2019 to support farmers using drones and AI.
The proactive engagement of African banks in the startup ecosystem is commendable and represents a significant shift towards collaboration rather than competition. This trend not only enhances access to capital for startups but also fosters innovation and job creation across various sectors. However, it will be crucial for these banks to maintain their commitment to supporting diverse and inclusive ventures to ensure sustainable growth.
