Africa’s mobile money story has long been about access, bringing millions of people who were previously excluded from traditional financial services into the formal financial system. But as digital financial services become more established across the continent, the conversation is evolving. The question is no longer only who has access, but how people are using those services to improve their financial lives.
It was a topic that came up again and again during the three-day MTN Group Fintech Annual Summit in Johannesburg. Regulators, policymakers, development institutions, technology companies and industry leaders gathered to explore where digital finance in Africa goes next, with discussions spanning financial health, economic participation, artificial intelligence, payments, regulation and emerging technologies.
Opening the summit, MTN Group Board Chairman Mcebisi Jonas said financial inclusion had provided an essential foundation but argued that the next stage of progress should focus on 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.
MTN Group Fintech CEO Serigne Dioum echoed this view, describing the ambition as helping customers move from simply having access to financial services to actively using them to improve their lives and livelihoods.
Across the three days, that bigger ambition was tested against the realities on the ground. Speakers looked at how mobile money and digital financial services could help people build savings habits, access credit more easily and become more financially resilient over time.
The picture also looks different from one market to the next. In Ghana, for example, high transaction volumes have not necessarily translated into widespread saving and investing. In Zambia, the challenge is more practical: making sure customers can reliably access agents and liquidity when they need them.
Technology also emerged as an important part of the conversation. AI-enabled tools, interoperable payment systems, QR payments, open finance and cloud-based services were highlighted as developments that could make digital financial services easier to access, simpler to use and more affordable for customers.
At the same time, speakers repeatedly stressed that technology alone will not be enough. “No single financial institution or fintech or one company can build the financial service ecosystem for our people in Africa,” Dioum told delegates, highlighting the importance of collaboration between banks, fintechs, regulators, payment providers and technology partners.
By the third and final day, attention had shifted towards the systems and infrastructure that could shape the future of payments across the continent. Among the topics discussed was the growing role of stablecoins in payment and settlement systems, particularly for cross-border transactions.
Africa, however, is not starting from scratch. The continent already has many of the building blocks in place, from large mobile money networks to established customer relationships and far-reaching distribution channels. Much of the discussion focused on how those foundations can be strengthened, rather than replaced, with partnerships helping to provide capabilities that may not already exist within the ecosystem.
By the end of the summit, the conversation had come full circle. While expanding access remains a priority, speakers repeatedly returned to a broader question: what happens after people enter the financial system? The real measure of progress, many argued, is whether digital financial services help people better manage their money, navigate financial shocks and create opportunities for themselves and their families.
Access may have been the starting point. The focus now is on what people are able to do with it.