Africa’s mobile money story began with a relatively simple idea: give people excluded from traditional financial services a practical way to transact, save and manage their money. But as Africa’s fintech ecosystem matures, the conversation is shifting from access to what people are empowered to do with it.
That was a key message from the opening day of the MTN Group Fintech Annual Summit in Johannesburg, where regulators, policymakers, development institutions, technology companies and industry leaders gathered to discuss Africa’s digital financial future.
Opening the summit, MTN Group Board Chairman Mcebisi Jonas said financial inclusion had been an essential starting point, but the next frontier is financial health.
“The conversation has to move beyond access. Financial inclusion was an essential starting point, but the next frontier is financial health, helping people manage their day-to-day financial needs, withstand economic shocks, plan for the future and participate more meaningfully in economic activity,” said Jonas.
For entrepreneurs and informal traders, he added, digital financial services can provide access to working capital, enable business growth and strengthen financial resilience.
MTN Group Fintech CEO Serigne Dioum described this evolution as a move from access to active participation.
“We started with giving access to financial inclusion to our customers, but now we want to really go from access to active participation. That means that we want to help our customers to do more,” said Dioum.
South African Reserve Bank Governor Lesetja Kganyago also highlighted the role of technology in enabling this evolution, particularly as digital innovation continues to reshape how people transact.
“Technology is changing fast, making better payments possible, faster, more affordable, safer and more inclusive,” said Kganyago.
Through MoMo, MTN Group Fintech is extending beyond basic payments and transfers into services including savings, credit, merchant payments and cross-border transfers. Jonas said Africa now has an opportunity to build digital financial systems that reflect how people actually earn, spend, save and run businesses, while ensuring innovation is underpinned by trust, consumer protection and financial stability.
Africa’s next fintech frontier, he concluded, is ultimately about enabling people to use financial services to build businesses, manage risk and gain greater control over their economic futures.