MTN Group Fintech’s inaugural Fintech Summit has reaffirmed that mobile money is central to Africa’s financial inclusion journey.
Today, 33% of adults in Sub-Saharan Africa use mobile money – with annual transactions surpassing $1,1-trillion and contributing around 5% to the GDP. And with 283-million active accounts, MTN Group Fintech’s Mobile Money (MoMo from MTN) has grown from being one of the central tools for turning these payments into a fully-fledged catalyst for job creation, business growth, and economic resilience.
Micro, small and medium-sized enterprises (MSMEs) were a focal point of discussion at the summit. As the backbone of Africa’s economy, digitising MSMEs is key to unlocking credit, improving compliance, and driving wider economic participation. Real-world examples such as Miriam, a small business owner using MoMo to manage payments, access loans, and expand her operations illustrate how digital financial tools are empowering entrepreneurs and transforming livelihoods.
“Inclusion becomes sustainable when payments are part of daily life,” says Serigne Dioum, CEO of MTN Group Fintech. “Our ambition is to move Africans from being merely financially included to becoming financially independent and, ultimately, wealthy. Our Mobile Money platform must transform from being a service provider into a platform that delivers best-in-class fintech across Africa.”
The summit highlighted that financial independence goes beyond access to credit. It requires building digital skills, providing tools for savings and investment, and educating people on how to use financial services to create wealth. This vision aligns with MTN’s strategic roadmap to make MoMo a true partner in people’s financial journeys – from the unbanked in rural areas to SMEs in bustling cities.
“We see our responsibility not only as driving inclusion, but also as ensuring the systems we build are trusted, resilient, and sustainable,” says Nikiwe Tanga, chief legal officer at MTN Group Fintech. “This means advancing sound regulatory frameworks, strengthening partnerships with governments and banks, and embedding safety and compliance into every product we deliver.”
A central outcome of the summit was recognition that Africa’s fintech future depends on striking the right balance between regulation, innovation, safety, and interoperability:
Regulation: The need for harmonised regulatory frameworks across African markets was a recurring theme. Participants emphasised that fragmented rules hinder growth, while consistent standards can create a thriving environment for cross-border remittances, lending, and payment services. Regulators and industry players agreed on the importance of dialogue, transparency, and shared responsibility to build frameworks that encourage innovation while safeguarding users.
Innovation: Innovation must not only focus on new technologies, but also on designing solutions relevant to African realities. This includes alternative credit scoring powered by machine learning, AI-driven fraud detection, and the introduction of mini apps to help SMEs access tools for payments, credit, and business management. Innovation was also framed as an enabler of empowerment, giving individuals and businesses greater control of their financial futures.
Safety and security: Trust remains the foundation of any financial ecosystem. Delegates stressed the need for best-in-class fraud prevention systems including shared fraud intelligence networks, realtime monitoring, and consumer education. With digital financial services operating around the clock, safety measures must evolve at the same speed as emerging threats. Speakers highlighted that without trust, adoption stalls – making security a top priority for MTN Group Fintech and its partners.
Interoperability: Perhaps the most urgent challenge is cross-border integration. Africa remains the most expensive region in the world for sending money due to fragmented currencies and systems. Greater interoperability within Africa, as well as global payment networks is essential to reduce costs, expand access, and unlock the full potential of intra-African trade under the Africa Continental Free Trade Area (AfCFTA). Partnerships between fintechs, banks, telcos, and regulators will be key to breaking down barriers and creating a truly connected African payments ecosystem.