African fintech firms 'complement' the banking sector, don't disrupt it: Exec at Egypt’s largest private bank

African fintech firms ‘complement’ the banking sector, don’t disrupt it: Exec at Egypt’s largest private bank

Financial technology firms in Africa are "complementing" the banking sector rather than disrupting it, an executive at Egypt’s biggest private-sector bank has said. Hisham Ezz Al-Arab, chairman of Commercial International Bank (CIB), said Tuesday that the lender was "ready" for a growing wave of fintechs that are shaking up the financial services with new technologies. "We are ready in terms of technology. We look at fintechs and mobile operators and payment companies as partners, we collaborate together," he told CNBC on Tuesday. But Al-Arab went a step further to say that he thought fintech firms were not disruptive to […]

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