Africa’s fintech sector continues to expand, unlocking new ways for people to access financial services. Yet industry leaders say the next phase of growth will depend on overcoming key barriers, including limited access to credit, regulatory complexity, and the need for stronger digital infrastructure.
The issues were highlighted during discussions at the Inclusive FinTech Forum 2026, where policymakers, investors, and technology leaders explored how financial technology can accelerate inclusive growth across the continent.
More than 75 per cent of adults worldwide now have access to a financial account, up from about half of the global population a decade ago. Sub-Saharan Africa remains the global leader in mobile money adoption, with more than 600 million registered accounts and continued growth in digital payments.
However, experts say basic access is only the first step toward meaningful financial inclusion.
According to Esther Kunda, the Director General of Innovation & Emerging Technologies at ICT, deeper inclusion requires expanding access to services such as credit, savings products, and insurance.
“Financial inclusion today means more than the ability to send or receive money. The next stage is ensuring people can access the financial tools that help them build businesses, invest, and grow economically.”
To support this shift, Rwanda has introduced regulatory and technological frameworks designed to encourage experimentation in financial technology.
One such initiative is the use of regulatory sandboxes, which allow fintech startups to test new products under regulatory supervision before obtaining full licences. The approach enables innovators to experiment while ensuring consumer protection.
Authorities are also exploring licence passporting, a system that could allow fintech companies approved in one country to operate more easily across other African markets.
“Alongside regulatory reforms, Rwanda has invested heavily in digital public infrastructure to support financial innovation. Interoperable payment systems, open banking frameworks, and digital identity platforms are helping fintech companies integrate more easily with banks and other financial institutions,” said Nkunda.
According to policymakers, these systems are designed to create an ecosystem in which fintech innovators can build products that reach more users while maintaining secure, reliable financial services.
“Such measures could reduce barriers for startups looking to scale across the continent,” she said.
While technological infrastructure continues to improve, access to capital remains one of the most significant barriers for entrepreneurs seeking to build fintech solutions.
According to James Mwangi, the Chief Executive Officer at Equity Group Holdings, the private sector has a crucial role to play in financing development and supporting innovators across Africa to develop the fintech sector.
“I think the biggest opportunity is financing development,” Mwangi said. “We need to unlock capital for entrepreneurs who are ready and willing to grow but lack the resources to scale their ideas.”
Mwangi noted that many young people graduating from universities and secondary schools across the continent face limited employment opportunities, making entrepreneurship an increasingly important pathway for economic participation.
“Providing access to funding and supportive ecosystems, we could enable these entrepreneurs to create businesses that generate jobs and drive economic activity. Beyond funding, industry leaders emphasised the importance of connecting startups to large customer bases.”
Mwangi said established institutions can help emerging companies scale by providing platforms that give them immediate access to wider markets.
“When entrepreneurs build solutions on existing platforms, they gain access to millions of customers from the first day. That is often the difference between a small company and one that can scale.”
He added that collaboration between established financial institutions and fintech innovators will be essential to ensuring new technologies reach more people.
Despite existing barriers, experts at the forum expressed optimism about Africa’s fintech trajectory.
The continent’s young population, expanding digital infrastructure, and increasing investor interest have created conditions for continued innovation.
As governments strengthen regulatory frameworks and private sector players expand financing opportunities, fintech could play a major role in accelerating economic development across Africa, according to industry experts.
Industry leaders say the challenge now is ensuring that innovation translates into real opportunities for entrepreneurs and communities.
“If we build the right ecosystems, connect innovators to capital, and create platforms that allow them to scale, fintech can unlock enormous economic potential for the continent,” Mwangi said.
