Africa stands at a crossroads in financial innovation, with digital finance emerging as a powerful tool not just for inclusion, but 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 giving way to technology-led systems that empower individuals and investors alike.
“The future of financial services is completely different from the brick-and-mortar [physical bank branches and offices] infrastructure that has delivered so much. Moving forward, it will no longer be just about inclusion.”
“It will be about development. It’s financial services, the development in the lives of the people, the lives of our partners, the lives of our investors. It’s finance, a facility, and an enabler,” Mwangi said.
He noted the importance of digital public infrastructure, including citizen-owned digital wallets and digital IDs.
“Can we create a digital wallet, which is a citizen wallet, not a bank wallet? If the customer owns the wallet, they are free to connect with whoever serves them. That is the future of finance.”
Mwangi stressed that regulators must enforce standards and controls for interconnected systems to ensure 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 the systems to turn inclusion into independence and financial prosperity,” he added.
Mary Ellen Iskenderian, President and CEO of Women’s World Banking, said fintech must translate into real economic gains, particularly for women entrepreneurs.
Africa has the highest percentage of women entrepreneurs. Yet their access to credit has varied, even as technology advances. Why isn’t the data on how women transact being used to design products that actually create opportunities?” she asked.
She added that outdated ideas about collateral still limit women’s access to market capital, despite the availability of digital solutions.
Iskenderian noted progress through credit guarantees, which allow banks to lend to entrepreneurs while reducing capital risks.
“We’ve seen huge employment gains unlocked merely by the provision of a credit guarantee and capital loan, but only if it allows that lender to take advantage of it.”
Serigne Dioum, CEO of MNT Fintech Group, noted that today more than 90 per cent of people have mobile accounts, with over $1 trillion in mobile money transactions.
Research shows that mobile money adoption has rapidly expanded financial access across Africa, with 40 per cent of adults now owning mobile money accounts in 2024, up from 27 per cent in 2021, according to the World Bank’s Global Findex Database.
“But financial inclusion alone is not enough. We need to create wealth for our people so they can become financially independent,” he said, emphasising that interoperability and governance are crucial to scaling fintech across borders.
Dioum described the power of platforms to connect entrepreneurs to large customer bases.
“Whoever integrates with us has access to 70 million customers the first day. Small companies can scale quickly. Companies that have growth already need to support newcomers to scale,” he said.
