Financial inclusion across Africa is advancing as banks, fintech companies, and mobile network operators move beyond traditional competition to collaborate, bringing financial services to underserved populations.
According to industry experts, these partnerships are helping millions of previously unbanked Africans access credit, payments, and other essential financial services, often through mobile phones and digital platforms.
The shift toward collaboration was highlighted during the Inclusive FinTech Forum (IFF) 2026, where leaders underscored the importance of cooperation across the financial ecosystem.
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 expensive and often inaccessible to rural communities.
Zahid Mustafa, the Managing Director of I&M Bank Tanzania Ltd, said the limitations of traditional banking structures have pushed financial institutions to rethink how they reach customers.
“If you look at the traditional banking that exists in Tanzania, we have 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 have increasingly adopted agency banking and digital platforms, allowing customers to access financial services closer to where they live.”
Last year, the number of banking agents in East Africa grew by over 40 per cent, bringing the network to around 106,000 and bringing financial services closer to millions of Africans.
However, the most transformative change has come through partnerships between banks and mobile network operators, enabling financial services to be delivered through mobile phones.
“The real breakthrough came when we were able to connect financial services to mobile phones. Through digital partnerships with mobile network operators, we have been able to reach customers who would otherwise never access a bank branch, “ said Mustafa.
He explained that his institution partnered with the fintech company and telecom operator Airtel to launch a digital lending platform that enables customers to access loans directly from their mobile phones. Since its launch three years ago, the platform has grown rapidly, reaching around 6 million customers and approximately 1.4 million borrowers each month.
“For a business that previously operated eight branches with about 40,000 customers, technology has allowed us to reach the masses. We have even become one of the largest lenders in Zanzibar despite not having a branch there.”
Experts said that such partnerships demonstrate how fintech companies, banks, and telecom operators each bring unique strengths to expanding financial access.
While fintech firms design digital products and analyse user data, banks provide the capital and financial infrastructure needed to support lending and payments. This combination, experts said, is helping extend services to the last mile of the financial system.
Sitah Lang’o, the Head of East & West at Swift, Society for Worldwide Interbank Financial Telecommunication, emphasised that collaboration across the financial ecosystem is crucial for enhancing efficiency and reducing costs.
“The most important thing we have realised in the industry is that collaboration is critical. Without collaboration, each player builds their own solution, which may serve a limited purpose but does not benefit the wider market,” she said.
“When financial institutions operate in isolation, systems become fragmented, making integration costly for other participants. In contrast, shared infrastructure enables service providers to connect more seamlessly and scale financial services across borders.”
Experts highlighted that partnerships can also help reduce friction in payments and improve transparency in financial transactions.
Although the cost of sending financial messages through global networks can be very low, the final cost of a transaction often increases as multiple intermediaries add fees along the payment chain.
Experts say that improving coordination between institutions and creating clearer pricing structures will be important to ensuring digital finance benefits consumers.
Elisee Kamanzi, the Head of Enterprise Development at the Mastercard Foundation, highlighted the role of digital public infrastructure, such as payment systems and digital identification, in expanding access to financial services for 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 provide more inclusive access to financial services.” Said Kamanzi.
“By combining shared infrastructure, innovation, and smart regulation, we can ensure that more people benefit from the financial system, even in hard-to-reach areas.”
Agbitor Kwashie, the Risk Manager and Operations at Accion, a nonprofit organization focused on financial inclusion, stressed that financial inclusion efforts should go beyond simply providing access to financial accounts and focus on ensuring that people actively use financial services to improve their livelihoods.
“Financial inclusion should not stop at access. We must ensure meaningful use of financial services so that individuals and businesses can truly benefit from them. This means building digital infrastructure that connects communities, reduces costs, and enables services, like savings, credit, and insurance, to reach people where they are, even in remote or underserved areas.”
