We are not after the banks’ cake; but are baking our own more affordable and widely accessible one- Segun Ogunsanya, Airtel Africa Group CEO   Mobile Money⏤ launched in Q1 2009 by MTN Uganda and Q1 2012 by Airtel Uganda is brewing a silent storm for the banks. While the writing is on the wall, Segun Ogunsanya, the Airtel Africa Group Chief Executive Officer, still insists, the telco fintechs are not eating the bank’s cake but are rather baking their own, using slightly different ingredients.

“I don’t think we have dug into the space of bankers or the space of banking. We have just discovered a need that is not being met by conventional banks,” he says. “If you look at the model of most banks, they thrive on high-margin, low volume of customers/transactions model. That is their model. Their prices are huge, and their branches are not many. For mobile money, it is quite different. It is a large volume of customers and very small margins,” he further explains. “We are bringing financial services to those who are excluded or those who are disadvantaged….