African fintech startups, like their counterparts in more developed markets, started out unbundling banking services, at least where there was any banking to unbundle. Startups launched across the continent in niche segments, specialising in one service, be it payments, lending, saving or insurance, building expertise and a customer base in one space.

This, however, is changing. As Africa’s fintech sector matures, startups are diversifying, adding new services to their product suites. Companies are rebundling banking services, with the eventual goal of becoming full-service, supermarket-style digital banks.