The future of African finance is digital, James Mwangi, Managing Director and CEO of Equity Group Holdings, said on March 11, at the Inclusive FinTech Forum 2026 in Kigali. Mwangi outlined a vision where digital wallets, identity systems, and interoperable platforms put people and businesses in control, fostering an inclusive financial ecosystem that drives growth and opportunity across the continent. He underscored the need for greater investment in digital infrastructure to support Africa’s next phase of financial and economic transformation. Speaking during a panel discussion titled “Digital transformation and private investment: building the foundation of Africa’s next economic era,” Equity Group CEO James Mwangi said the future of financial services will be technology-led, relying on systems such as digital identity, interoperable platforms, and citizen-owned digital wallets. These tools allow people to access services without relying on traditional bank branches. “The future of financial services is completely different from the brick-and-mortar infrastructure that has delivered so much. What we are seeing now is another major transformation in how people access financial services, and that future will be technology-led,” Mwangi said. He added that while mobile applications are important, the underlying digital infrastructure powering them – digital identification, verification processes, and interoperable platforms – will allow customers to open accounts and access services remotely. Regulators, he noted, will play a critical role in ensuring trust, security, and interoperability across these systems. “In the future, it will not just be about inclusion. It will be about development – asking whether financial services are relevant in people’s lives and whether finance is actually facilitating growth,” Mwangi said. He also highlighted citizen-owned digital wallets, which allow individuals to control their financial identity and connect to multiple service providers rather than being tied to a single institution. Collaboration between regulators, innovators, and financial institutions will be essential to build secure, interoperable systems that benefit consumers, he pointed out. Expanding financial access for women entrepreneurs Mary Ellen Iskenderian, President and CEO of Women’s World Banking, said digital finance must translate into real economic opportunities, especially for women entrepreneurs who form a significant share of Africa’s business community. “Africa has the highest percentage of women entrepreneurs anywhere in the world, yet their access to credit has barely moved even as technology has advanced,” Iskenderian said. She noted that traditional lending models relying on collateral often exclude women, and financial institutions and fintech firms must better use data to assess creditworthiness and design products aligned with how women run and grow businesses. “Innovation in financial services should focus not only on building digital systems but also on developing financial products that expand economic opportunities for underserved groups,” she added. Mobile money and digital platforms expanding financial access Serigne Dioum, CEO of MTN Group’s fintech arm, said Africa has made significant progress in financial inclusion through mobile money and digital innovation. Millions now access financial services via digital wallets, transforming transactions across the continent. “We have done well in financial inclusion. Today, if you walk in the streets or go to the market, you will see that many people are transacting using mobile wallets,” Dioum said. However, he stressed that inclusion alone is insufficient; the focus should shift toward enabling individuals and businesses to grow economically. Strong digital infrastructure, improved connectivity, and interoperable systems will allow users to transact seamlessly across borders. Dioum emphasised partnerships as key to supporting entrepreneurs, enabling them to connect their ideas and services to existing digital ecosystems and reach wider markets.
