By RARZACK OLAEGBE
Stop wondering about what the hyenas have to do with the fintech. Hyenas are skilled hunters. They are efficient. They are effective. They work together in packs. They hunt large prey such as wildebeests and zebras. They are difficult to outsmart. If you think you have conquered one hyena, you are a prey! The Animal Encyclopaedia explained that the cooperative hunting strategy allows hyenas to capture animals much larger than themselves.
On the one hand
Hyenas can locate prey from great distances. This keen olfactory ability is essential for their survival in the vast African savannahs. Like scavengers, hyenas keep the field clean by ensuring no carcass goes to waste. The hyena’s strategy works. The fintech community might borrow a page from the Hyena Strategy Playbook.
On the other hand
The Hyena Strategy Playbook will work for the fintech associations operating in silos. There are a handful of fintech associations around. We have FintechNGR. Fintech CEO. Fintech founders. Fintech startup CEOs, etc. FintechNGR is a self-regulatory, not-for-profit, and non-political organisation incorporated by the Corporate Affairs Commission, CAC.
It is a member of the Global Fintech Hubs Federation. It serves the development of the fintech industry in Nigeria. It is a forum for ideas exchange and dissemination. It interfaces with the Central Bank of Nigeria, Security & Exchange Commission, the National Insurance Commission, and the government at all levels. Other silo associations are for self-glorification only.
In the long term
Coming together to fight common enemies like the hyenas is the way to go. That is why the Kenyan financial fintech sector, five major associations, has formed an umbrella alliance dedicated to driving the growth and development of the industry: The Fintech Alliance (TFA). This body comprises the Association of Fintechs in Kenya (AFIK). Fintech Association of Kenya (FINTAK). Digital Financial Services Association of Kenya (DFSAK). Digital Credit Providers Association (DCPAK). Blockchain Association of Kenya (BAK).
In a report, the spokesperson of TFA, Ali Hussein, said, “Today marks a significant milestone for Kenya’s fintech sector. By uniting under the Fintech Alliance, we are ready to address challenges, seize opportunities, and drive meaningful change in the industry. Together, we will shape the future of fintech in Kenya and beyond.”
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With this body, it is easy for TFA to catalyse economic and social growth. It will leverage fintech solutions. It will enhance financial inclusion. It will create jobs. It will transform lives by driving economic and social progress. Besides, banking on Kenya’s acclaimed recognition as a hub for fintech innovation, TFA will build on Kenya’s highly acclaimed reputation as a hub for fintech innovation and unlock new opportunities for businesses, consumers, and the society.
Like the hyenas, the fintech ecosystem needs an alliance to strength the community.
I cannot over-emphasise the benefits of FintechNGR and other silo associations will get when they form an alliance. Like TFA in Kenya, the Nigerian fintech ecosystem (if united) will break new ground. The alliance will foster faster growth for members. Innovation and development of the sector will drive economic and social transformation.
Like TFA in Kenya, this alliance will create a unified voice for the fintech ecosystem. It will advocate for key initiatives. It will position Nigeria as a global leader in financial innovation. It will be easy to lobby the government for policy formulation and regulatory. It will be easy to engage the government at all levels. Like the Bankers Committee, the fintech alliance will bring together a potpourri of innovation that will ensure consumer protection and financial stability.
Funding and scaling fintech startups will be easy. The established and incumbent will be able to scale their operations and achieve sustainable growth if the Hyenas Strategy is embraced.
In the short term
Like the hyenas, the fintech ecosystem needs an alliance to strength the community.
*Olaegbe ([email protected])
