@lordbanks wrote:
With over 40 banks in Kenya, I believe we might have more bank consolidation and even failures to come – its important not to gamble your startup’s chances of success by not understanding the implications of working with any bank. I am particularly worried of startups that spend endless amounts of time in business development with banks who don’t really have the DNA, never mind systems and culture to innovate or move quickly and waste startups valuable time.
One good thing that came out of the Soludo CBN tenure was the bank consolidation, so hopefully the Kenyan Chase Bank episode is not likely to occur. But this is great advice for African startups from Mbwana. Banks are typically one of the biggest strategic partners in any value chain, we're talking make or break relationships.
Full post is here on Savannah Fund's blog.
http://savannah.vc/2016/04/11/what-should-startups-learn-from-africa-bank-failures/
Posts: 2
Participants: 2