By Francis Ajuonuma
United Bank for Africa (UBA) has intensified its push for deeper collaboration between traditional banks and fintech companies, declaring partnership—not rivalry—as the pathway to expanding financial inclusion and innovation across Africa.
Speaking at UBA’s inaugural Pan-African Fintech Conference in Lagos, themed “Navigating Regulatory Milestones: The Future of Bank–Fintech Partnerships,” the bank brought together over 20 major fintech players and regulatory stakeholders, including PalmPay, OPay, PayAza, Mastercard, Visa, the Nigeria Inter-Bank Settlement System (NIBSS), and the Central Bank of Nigeria.
UBA’s Executive Director for Digital Banking, Emmanuel Lamptey, said the future of Africa’s financial ecosystem depends on combining the strengths of banks and fintechs.
“The future is not banks versus fintechs, but banks with fintechs. When we combine scale, trust, and regulatory depth with innovation and agility, we unlock a financial system that works for far more Africans,” Lamptey said.
Industry leaders at the conference stressed that collaboration has become critical as financial technology rapidly evolves.
Mastercard’s Peter Ehizogie noted that every phase of Nigeria’s payments revolution has created opportunities while exposing new vulnerabilities.
“Each wave of innovation—instant payments, cards, gateways, and now AI—has expanded opportunity while introducing new risks. Collaboration is what ensures progress is sustained, not disrupted,” he said.
PayAza Chief Executive Officer, Seyi Ebenezer, echoed the urgency for stronger integration.
“Collaboration is no longer optional. The priority now is speed—how quickly we can remove the barriers between fintechs and banks to unlock scale,” Ebenezer stated.
UBA also showcased advancements in its digital offerings, particularly Leo, its AI-powered banking assistant, which now enables conversational transactions, transfers of up to ₦5 million, and foreign exchange operations.
The bank’s Head of Mobile Banking, Gideon Iheama, said the innovations reflect growing customer adoption and UBA’s strategic investment in intelligent banking infrastructure.
Addressing security concerns, UBA’s Head of Digital Banking Sales, Shamsideen Fashola, warned that as innovation accelerates, institutions must aggressively strengthen cybersecurity systems.
“Cybersecurity is now AI versus AI. As institutions innovate to improve customer experience, they must invest just as aggressively in defending against evolving threats,” Fashola said.
The conference ended with a unified call for sustained cooperation between banks, fintechs, and regulators to drive resilience, improve security, and unlock long-term financial growth across Africa.
UBA operates in 20 African countries as well as the United Kingdom, United States, France, and the UAE, serving more than 45 million customers globally.
