Africa’s fintech revolution is entering a new phase as the focus shifts from simply expanding access to financial services towards helping people use those services to improve their livelihoods.
At the MTN Group Fintech Annual Summit in Johannesburg, industry leaders, regulators and policymakers examined how digital finance can move beyond basic payments and transfers to strengthen financial resilience, support businesses and give consumers greater control over their financial futures.
Opening the summit, MTN Group Board Chairman Mcebisi Jonas said financial inclusion had been an essential starting point, but Africa’s next challenge is financial health. He explained that the objective should be to help people manage their daily financial needs, withstand economic shocks, plan for the future and participate more meaningfully in economic activity. For entrepreneurs and informal traders, digital financial services can also provide working capital, support business expansion and strengthen resilience.
MTN Group Fintech Chief Executive Officer Serigne Dioum described the transformation as a move from financial access to active participation. According to Dioum, the goal is no longer simply to bring customers into the formal financial system, but to equip them with services that enable them to do more. This approach places greater emphasis on building a digital financial ecosystem that connects markets, supports economic activity and creates opportunities for individuals and businesses.
Technology is expected to play a central role in this transition. South African Reserve Bank Governor Lesetja Kganyago highlighted the rapid evolution of digital technology and its ability to make payments faster, more affordable, safer and more inclusive. Through its MoMo platform, MTN Group Fintech is expanding beyond payments and transfers into services such as savings, credit, merchant payments and cross-border transactions, reflecting the changing financial needs of consumers and businesses across Africa.
The summit also placed strong emphasis on trust, regulation and responsible innovation. Discussions focused on the need for resilient infrastructure, progressive risk-based regulation and stronger cooperation between governments, regulators, financial institutions and technology companies. Under the summit theme “Maximum Velocity, As One,” participants explored three interconnected pillars; Trust, Velocity and Horizon, covering regulation and infrastructure, the acceleration of payments, lending and artificial intelligence, as well as emerging technologies and strategic partnerships.
Africa’s next fintech frontier, therefore, is increasingly about what people can achieve after gaining access to financial services. The continent has an opportunity to develop digital financial systems that reflect how people earn, spend, save and operate businesses while maintaining consumer protection and financial stability.
The discussions at the MTN Group Fintech Annual Summit underline the need for collective action to transform fintech growth into practical improvements in financial health, business development and inclusive economic participation.
