Africa is entering a new phase of digital finance growth that could fundamentally reshape trade, financial inclusion and economic activity across the continent, President and Chief Executive Officer (CEO) of MTN Group, Ralph Mupita, has said.
He said the continent was rapidly moving beyond basic mobile money services into a more sophisticated digital financial ecosystem powered by artificial intelligence (AI), smartphones and integrated digital platforms.
Speaking at the 3i Africa Summit 2026 in Accra, Mr Mupita said Africa’s financial future would be driven by seamless digital platforms capable of supporting lending, savings, insurance, remittances and cross-border transactions.
“We are at the point of transitioning from mobile money systems to true digital finance,” he said.
He explained that while mobile money had transformed access to financial services over the past 15 years, the next stage would focus on deeper financial integration and more advanced digital products.
According to him, the continent’s digital finance ecosystem had already achieved significant scale, with mobile money platforms contributing to global transaction volumes estimated at about US$2 trillion.
However, he said the current growth represented only the beginning of a wider transformation expected to accelerate with advances in technology and connectivity.
AI driving change
Mr Mupita identified artificial intelligence as one of the major forces shaping the next phase of digital finance.
He said AI was already improving fraud detection, credit scoring and customer service delivery within financial systems.
“Africa is entering a new and accelerated phase of digital finance growth,” he said, adding that technology would make financial systems more efficient and accessible.
He, however, cautioned that innovation must be accompanied by strong safeguards and effective regulation to maintain trust and confidence in digital financial systems.
He warned that fraud and digital scams remained a growing global challenge that required strong oversight and coordinated regulatory responses.
Telecoms expanding inclusion
Mr Mupita also emphasised the growing role of telecommunications companies in expanding financial inclusion across Africa.
He said telecom operators had succeeded in reaching millions of underserved people through extensive mobile networks at costs traditional banking systems could not match.
“Telecom platforms have been able to reach customers at scale and at a cost traditional financial systems could not match,” he said.
He explained that the shift from basic USSD services to smartphone-driven applications would further deepen financial inclusion, especially among young people and small businesses.
The MTN Group CEO said Africa could leverage digital finance in the same way countries such as India had used technology to drive productivity, trade and job creation.
Cross-border integration
A major theme at the summit was the need for stronger cross-border financial integration across Africa.
Mr Mupita said fragmented payment systems continued to increase transaction costs and limit trade opportunities across the continent.
“The future of African commerce lies in seamless financial interoperability across countries,” he said.
He stressed that interoperable payment systems would be critical to supporting trade under the African Continental Free Trade Area.
He pointed to institutions such as African Export-Import Bank as playing important roles in developing more efficient continental payment systems.
BoG backs fintech expansion
The Governor of the Bank of Ghana, Johnson Pandit Asiama, on his part, also reaffirmed the central bank’s commitment to supporting cross-border fintech expansion to deepen African financial markets.
He said fintech growth would help reduce transaction costs, improve financial connectivity and expand access to financial services across the continent.
“The next phase of digital finance must go beyond domestic gains and focus on enabling cross-border services that connect markets, support trade, and create value at scale,” he said.
Dr Asiama explained that the Bank of Ghana was implementing measures to support innovation while preserving financial stability.
He listed open banking initiatives, digital credit guidelines and stronger oversight of emerging technologies, including virtual assets, among measures being pursued by the central bank.
The Governor said Africa’s financial sector must move beyond expanding access to building stronger and more efficient financial systems.
“Africa’s financial ecosystem must not only grow; it must mature,” he stated.
He urged regulators, financial institutions and technology companies to work together to improve digital identity systems, data quality and Know-Your-Customer frameworks.
According to him, weak authentication systems could increase fraud risks and undermine confidence in digital finance platforms.
Summit focuses on Africa’s fintech future
The 3i Africa Summit 2026, organised jointly by the Bank of Ghana and the Ghana Interbank Payment and Settlement Systems with support from partners including MTN Group, brought together policymakers, regulators, fintech firms and development partners to discuss Africa’s digital finance future.
Discussions at the summit focused on mobile money expansion, fintech innovation, digital identity systems and cross-border payment interoperability.
