For years, Africa’s fintech boom has been defined by startups such as Flutterwave, Moniepoint and Wave, which built large payments businesses from scratch before attracting billion-dollar valuations.
But a new opportunity may be emerging from traditional banks, an unlikely source.
A growing number of analysts and investors believe some of Africa’s biggest future fintech deals could come not from new startups, but from banks separating their payments businesses into standalone companies, unlocking value that has long been hidden inside larger banking groups.
The idea is simple. Payments businesses are often valued differently from banks because investors see them as technology-driven growth companies rather than traditional financial institutions.
Once separated from their parent banks, these units can attract external investors, secure higher valuations, and potentially pursue listings or acquisitions.
The model has already worked elsewhere. In the telecom sector, companies such as MTN and Airtel unlocked billions of dollars in value
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