By: Nana
Appiah Acquaye
Africa’s fintech sector is
entering a new phase of growth, with the MTN Group Fintech Summit in
Johannesburg focusing on how digital payments can evolve into broader financial
inclusion through stronger credit, savings and SME financing opportunities.
According to MoMo from MTN,
Africa is currently the fastest-growing fintech market globally, with sector
revenues projected to expand 13-fold by 2030 to approximately US$65 billion,
driven largely by digital payments.
The continent already
accounts for 74 percent of global mobile money transaction volumes, while more
than 40 percent of adults in Sub-Saharan Africa use mobile money, highlighting
the scale at which digital financial services have been adopted across the
region.
However, MTN said the next
stage of Africa’s fintech development cannot be measured solely by transaction
volumes. Despite widespread mobile money adoption, formal credit, SME financing
and structured savings remain relatively shallow across many markets.
More than half of lending
continues to take place through informal or semi-formal channels, even in some
of the continent’s more advanced financial markets, according to figures cited
by MTN.
This gap between access to
financial services and the depth of those services is at the centre of
discussions at the MTN Group Fintech Summit, where industry leaders are
examining how regulation, digital infrastructure, data governance and
cross-border integration can help convert payment access into broader financial
inclusion.
The summit, themed “Maximum
Velocity”, brings together fintech leaders, innovators, partners and industry
experts to explore opportunities for collaboration and the future of financial
services in Africa.
MTN said the discussions
reflect a strategic focus developed by its fintech leadership, particularly its
executive committee, to build on the continent’s strong mobile money foundation
and expand the range of financial services available to individuals and
businesses.
The focus on credit, savings
and SME financing points to a broader evolution of Africa’s digital finance
ecosystem, as stakeholders seek to move from basic payment access towards
financial products capable of supporting enterprise development, investment and
long-term economic participation.
