RMB CEO Sees Opportunity for Big Banks in Rise of Africa Fintech

The rapid advance of financial-technology companies in Africa could help traditional lenders enhance their customer service, said the chief executive officer of Rand Merchant Bank, a unit of FirstRand Ltd., Africa’s biggest bank by market capitalization.

Emrie Brown told the Bloomberg Africa Business Summit in Johannesburg on Monday that the agility of fintechs can play a role in solving domestic challenges faced by big banks, and cited the recent listing of AI-powered fintech firm Optasia Group Ltd. on the Johannesburg Stock Exchange as a testament to the sector’s explosive growth.