Africa stands at a crossroads in financial innovation, with digital finance emerging as a powerful tool not only for financial inclusion but also for wealth creation and economic independence, experts said at the Inclusive FinTech Forum 2026.
According to James Mwangi, Managing Director and CEO of Equity Group Holdings, the traditional bank branch model is rapidly giving way to technology-driven systems that empower individuals, entrepreneurs, and investors.
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"The future of financial services is completely different from the brick-and-mortar infrastructure that has delivered so much,” Mwangi said.
"Moving forward, it will no longer be just about inclusion. It will be about development in the lives of people, our partners, and investors. Finance will be an enabler.”
Mwangi highlighted the importance of building strong digital public infrastructure, including citizen-owned digital wallets and digital identification systems.
"Can we create a digital wallet that belongs to the citizen, not the bank?” he asked. "If the wallet is owned by the customer, they have the freedom to connect with whichever provider serves them best. That is the future of finance.”
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He stressed that regulators will play a critical role in ensuring interoperability, standards, and controls across digital systems to maintain trust and security.
"The future is the intersection of knowledge, creativity, innovation, entrepreneurship, and aptitude. Africa has the talent and tools; now it must build systems that turn inclusion into independence and financial prosperity,” Mwangi added.
Mary Ellen Iskenderian, President and CEO of Women’s World Banking, said fintech must translate into tangible economic opportunities, particularly for women entrepreneurs.
"Africa has the highest percentage of women entrepreneurs, yet their access to credit remains uneven even as technology advances,” she said. "Why isn’t the data on how women transact being used to design products that actually create opportunities?”
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She noted that outdated collateral requirements still limit many women from accessing capital despite the availability of digital financial tools.
However, she pointed to progress through mechanisms such as credit guarantees, which allow banks to lend to entrepreneurs while reducing lending risks.
"We’ve seen significant employment gains simply from providing a credit guarantee and capital loan—especially when lenders are able to fully utilise those guarantees,” Iskenderian said.
Serigne Dioum, CEO of MNT Fintech Group, said mobile technology has already transformed financial access across the continent.
Today, more than 90 percent of people own mobile accounts, with over $1 trillion transacted through mobile money platforms.
Research shows that mobile money adoption continues to expand financial access rapidly. According to the World Bank’s Global Findex Database, 40 percent of adults in Africa owned mobile money accounts in 2024, up from 27 percent in 2021.
"But financial inclusion alone is not enough,” Dioum said. "We must create wealth so that people can become financially independent.”
He emphasised that interoperability and strong governance frameworks will be essential for scaling fintech solutions across borders.
Dioum also highlighted the role of large digital platforms in helping small businesses grow by connecting them with large customer bases.
"Anyone who integrates with our platform gains access to 70 million customers from day one,” he said. "Small companies can scale quickly, and companies that have already achieved growth should support newcomers so the ecosystem expands.”
Experts say that by combining digital infrastructure, supportive regulation, and innovative fintech solutions, Africa can move beyond financial access toward building long-term prosperity and economic independence.