Africa’s digital financial services future will not be determined by technology or regulation alone, rather how effectively the different perspectives come together to build an innovative, trusted, resilient and inclusive ecosystem.
So said MTN chairman Mcebisi Jonas, delivering his opening remarks at the second annual MTN Group Fintech Summit, hosted in Johannesburg, on Tuesday.
Jonas explained the fintech story, noting how it continues to be the largest technology funding sector in Africa, attracting significant capital, even as investors have become more selective.
He said this reflects growing recognition that digital financial services are not just another technology vertical, but are foundational to how African economies will participate in the digital economy and significant to the growth of many of the continent’s economies.
“Africa’s fintech story has moved remarkably very quickly. What began in many markets as an answer to a very practical challenge – how to enable people without traditional banking access to send and receive money – has evolved into a sophisticated digital financial ecosystem.
“The scale of that transformation is extraordinary. More than $2 trillion flowed through mobile money globally in 2025, and Sub-Saharan Africa accounted for approximately $1.4 trillion of that value. There are now 2.3 billion registered mobile money accounts globally, with 593 million active 30-day accounts.”
The chairman noted that connectivity has created a foundation for millions of people to participate in the digital economy.
For example, MTN Group Fintech product MoMo has driven accessibility to financial services across the markets it operates in, he said. “The conversation must move beyond access. Financial inclusion was an essential starting point, but the next frontier is financial health, helping people manage their day-to-day financial needs, withstand economic shocks, plan and participate meaningfully in economic activities.”
Such a shift, he indicated, will require thinking differently about innovation. “The most successful digital financial ecosystems will not simply be those that move money fastest; they will be those that create trusted relationships with customers, deliver tangible value over time, and trust will be fundamental to the equation.
“A customer must trust their money is secured, that their personal information is protected, and that systems they rely on will remain available when they need them, and that the products offered to them are transparent and appropriate to their circumstances.”
Jonas urged industry not to treat responsible innovation as an afterthought, saying it must be built into product design, how risk is managed, protect data and engage customers.
“For regulators, it means creating frameworks that protect consumers and maintain financial stability, while leaving room for experimentation and investment and a new business model.
“For all of us, it means recognising that regulation and innovation should not be positioned as opposing forces. The right regulatory environment can create the confidence and certainty that allows innovation to scale.”
He concluded: “We want an Africa that is digitally connected, financially included and economically empowered. We want innovation that is ambitious, but equally responsible, infrastructure that is resilient, and a financial ecosystem that people can trust.”
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