Collaborations in fintech are like building the perfect cappuccino. One partner brings the espresso (the core idea), and the other provides the frothy milk (the scalability). Together? Pure magic. In 2024, South Africa’s fintech industry has been brimming with examples of such magic, and at the South African FinTech Awards 2025, Collaboration of the Year is the category to watch.

But what does it take to create a partnership so impactful that it wins this coveted award? From matchmaking to execution, here’s your ultimate guide to fintech collaborations that don’t just work but thrive.

1. Shared Goals, Clear Vision

The most successful collaborations start with a shared mission. When two companies align their goals, their partnership is like a well-oiled machine. Take the partnership between TymeBank and Retail Capital as an example. Their collaboration was laser-focused on empowering SMEs, blending TymeBank’s digital banking solutions with Retail Capital’s expertise in alternative financing. The result? A financial ecosystem that genuinely supports small businesses.

Pro Tip: Before signing that MOU, make sure you’re on the same page. Agree on the ‘why’ of your collaboration, and the ‘how’ will follow naturally.

2. Bring Something Unique to the Table

Ever seen a collaboration where both partners offer the same thing? Neither have we—because they don’t work. A strong partnership leverages complementary strengths. For example, Yoco and Payfast joined forces to create a unified payment platform. Yoco brought its expertise in card payments, while Payfast added its prowess in online payment gateways. Together, they provided SMEs with seamless payment options across channels.

Pro Tip: Don’t just partner with someone who does what you do. Find a partner whose capabilities fill gaps in your offerings, creating a comprehensive solution.

3. It’s All About the Consumer

Winning collaborations focus on the end user. Forget whose logo appears first on the joint press release—if your partnership doesn’t create real value for customers, it’s a non-starter. MTN and Mastercard nailed this by prioritising financial inclusion. Their partnership delivered digital wallets to millions of unbanked South Africans, proving that consumer-centric innovation is always a winning formula.

Pro Tip: Start by asking, “How will this collaboration make life easier for our customers?” If the answer isn’t crystal clear, rethink the partnership.

4. Strong Communication is Non-Negotiable

Every successful collaboration has one thing in common: stellar communication. The partnership between Entersekt and Capitec Bank demonstrates this beautifully. By working closely together, they enhanced digital security for Capitec’s customers, proving that transparent communication leads to trust—and trust leads to success.

Pro Tip: Establish clear communication channels early on. Regular updates, joint meetings, and shared platforms can prevent misunderstandings and keep everyone aligned.

5. Be Willing to Adapt

The fintech landscape changes faster than you can say “blockchain.” Winning collaborations stay ahead by being flexible. Just look at Lesaka Technologies and Connect Group. Their partnership evolved from a merger into a dynamic force for financial inclusion, adapting to the needs of South Africa’s underserved communities.

Pro Tip: Be open to pivoting. A partnership’s success often depends on its ability to adapt to market demands or unexpected challenges.

6. Address the Hard Questions Early

Here’s a reality check: even the best partnerships hit roadblocks. What matters is how those challenges are addressed. Before jumping into a partnership, tackle the tough questions. Who owns the IP? How will revenue be split? What happens if one partner wants out? By addressing these issues upfront, you can avoid awkward conversations down the line.

7. Measure Success, Celebrate Wins

A partnership without measurable outcomes is like a soccer match without a scoreboard. Winning collaborations define success metrics from the start. Take Pargo and Amazon as an example. Their collaboration on last-mile delivery logistics was a success because it directly improved customer satisfaction and operational efficiency—both of which were tracked and celebrated.

Pro Tip: Set clear KPIs for your collaboration. Whether it’s revenue growth, customer acquisition, or improved efficiency, define what success looks like.

8. Innovation Over Ego

The best collaborations are driven by innovation, not ego. Partnerships like that of Stitch and Chipper Cash exemplify this. By integrating their platforms, they solved cross-border payment challenges without getting bogged down by branding wars. Their focus was on the solution, not whose name appeared first.

Pro Tip: Remember, collaboration is about creating something bigger than yourself. Check your ego at the door, and let the results speak for themselves.

Case Study: The Rise of Collaborative Ecosystems

South Africa’s fintech ecosystem is thriving thanks to collaborations like Visa’s Africa FinTech Accelerator. This programme brought together 23 startups, including South African innovators, to tackle some of the continent’s biggest financial challenges. By fostering collaboration across companies, the accelerator didn’t just create solutions—it created a community.

Why Your Partnership Deserves the Spotlight

You’ve put in the work. You’ve solved problems, innovated, and maybe even disrupted the industry. Now it’s time to showcase your efforts. Nominating your partnership for the Collaboration of the Year award at the South African FinTech Awards is more than just bragging rights—it’s an opportunity to gain industry recognition, attract investors, and inspire future collaborations.

Final Thoughts: Collaboration Is the Future

As we move into 2025, the fintech industry will only become more interconnected. The collaborations we’ve seen in 2024—be it between digital banks and AI innovators or payment platforms and telecom giants—are just the beginning. These partnerships have set the stage for even greater innovation, proving that when two companies come together, the possibilities are endless.

If you’ve been part of a collaboration that’s made waves this year, nominate now and claim your place in South Africa’s fintech hall of fame. After all, collaboration isn’t just the future of fintech—it’s the heart of it.