Financial inclusion across Africa is advancing as banks, fintech companies and mobile network operators increasingly collaborate to deliver financial services to underserved populations.

Industry experts say such partnerships are helping millions of previously unbanked Africans access credit, payments and other essential services through mobile phones and digital platforms.

The growing shift toward collaboration was highlighted during the Inclusive FinTech Forum (IFF) 2026 in Kigali, where leaders across the financial ecosystem stressed the importance of partnerships in expanding financial access.

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Experts noted that relying solely on traditional bank branches has proven insufficient in many African markets, particularly in low-income economies where building physical banking infrastructure is costly and rural communities often remain underserved.

Zahid Mustafa, Managing Director of I&M Bank Tanzania, said the limitations of conventional banking structures have forced financial institutions to rethink how they reach customers.

"In Tanzania, there are about 1,000 conventional bank branches operated by 44 banks. For a bank trying to reach customers in a low-income country, expanding through physical branches alone is extremely challenging,” he said.

Instead, banks are increasingly adopting agency banking and digital platforms that allow customers to access services closer to where they live.

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Across East Africa, the number of banking agents grew by more than 40 per cent last year to around 106,000, significantly expanding the reach of financial services.

However, experts say the most transformative shift has come through partnerships between banks and telecom operators, enabling financial services to be delivered through mobile phones.

"The real breakthrough came when financial services were connected to mobile phones. Through digital partnerships with mobile network operators, we have reached customers who would otherwise never access a bank branch,” Mustafa said.

He noted that his bank partnered with a fintech company and telecom operator Airtel to launch a digital lending platform that allows customers to access loans directly through their mobile phones.

Since its launch three years ago, the platform has grown rapidly to about six million users, with around 1.4 million customers borrowing each month.

"For a business that previously operated eight branches serving about 40,000 customers, technology has enabled us to reach the masses. We have even become one of the largest lenders in Zanzibar despite not having a branch there,” he added.

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Experts say such partnerships succeed because each player contributes distinct strengths. Fintech firms design digital products and analyse user data, while banks provide the capital and financial infrastructure needed to support lending and payments.

Sitah Lang’o, Head of East and West Africa at SWIFT (Society for Worldwide Interbank Financial Telecommunication), said collaboration is essential to building efficient and scalable financial systems.

"The most important lesson in the industry is that collaboration is critical. Without it, each player builds their own solution that serves a limited purpose but does not benefit the wider market,” she said.

"When institutions operate in isolation, systems become fragmented, making integration costly. Shared infrastructure allows service providers to connect more easily and scale services across borders.”

Experts also noted that partnerships can reduce friction in payments and improve transparency in financial transactions. While the cost of sending financial messages through global networks may be low, the final cost of a transaction often increases as intermediaries add fees along the payment chain.

Elisee Kamanzi, Head of Enterprise Development at the Mastercard Foundation, highlighted the role of digital public infrastructure such as payment systems and digital identification in expanding financial services to underserved populations.

"Conventional banking methods are often insufficient in East Africa, where low savings rates and limited returns discourage participation. Digital platforms can reduce operational costs, improve efficiency and expand access to financial services,” he said.

"By combining shared infrastructure, innovation and smart regulation, we can ensure more people benefit from the financial system, even in hard-to-reach areas.”

Agbitor Kwashie, Risk Manager and Operations at Accion, a nonprofit focused on financial inclusion, said the goal should go beyond simply opening accounts.

"Financial inclusion should not stop at access. We must ensure meaningful use of financial services so individuals and businesses can improve their livelihoods,” he said.

"This requires building digital infrastructure that connects communities, reduces costs and enables services such as savings, credit and insurance to reach people wherever they are, including remote or underserved areas.”