Partnerships in Digital Financial Services: An Exploratory Study of Providers in an Emerging Market

Partnerships play a crucial role in unlocking the enormous potential of digital financial services to increase access to affordable and scalable services in emerging markets. This study explores the major forms and patterns of partnerships consummated by Nigerian financial service providers (FSPs) in the creation and delivery of digital financial services. Through case studies of existing providers and ecosystem participants, this study investigates the role of partnerships in facilitating financial inclusion, as a cardinal aim of FSPs. The study finds that a well-developed ecosystem is critical in driving financial inclusion and that such an ecosystem is built on effective partnerships. Furthermore, it shows that ineffective partnerships hamper financial inclusion significantly. This study develops a framework for consummating partnerships between FSPs from an emerging market perspective.