Hundreds of Millions Without Bank Access Turn to Mobile Money as Africa's Economic Lifelin

JOHANNESBURG — Hundreds of millions of Africans who rely on mobile money for their basic economic participation are at the center of a debate about what digital financial services must become next.

Mcebisi Jonas, chairman of MTN Group, made that case at the second annual MTN Group Fintech Summit in Johannesburg on Tuesday. The continent’s fintech future, he argued, will be shaped not by technology or regulation working in isolation, but by how effectively different stakeholders align around a shared commitment to building ecosystems that are innovative, trusted, resilient and inclusive.

The numbers behind that argument are striking. More than $2 trillion flowed through mobile money globally in 2025, with Sub-Saharan Africa accounting for approximately $1.4 trillion of that value. There are now 2.3 billion registered mobile money accounts worldwide, of which 593 million remain active on a 30-day basis. These figures reflect a transformation that began with a straightforward practical problem: how to enable people without access to traditional banking to send and receive money. What has emerged is a far more sophisticated digital financial ecosystem, one that now shapes how millions of Africans participate in economic life.

Fintech remains the largest technology funding sector in Africa, continuing to attract significant capital even as investors have grown more selective. That sustained interest reflects a growing recognition that digital financial services are not merely another technology vertical. They are foundational infrastructure for how African economies will engage with the digital economy and drive continental growth.

Jonas pointed to MTN Group’s MoMo product as an example of how mobile money platforms have expanded financial service accessibility across multiple markets. Connectivity, he said, has created the foundation for millions to participate in the digital economy. Yet he argued the conversation must evolve beyond access alone.

Financial inclusion was essential. The next frontier is financial health.

That means helping people manage daily financial needs, withstand economic shocks, and participate meaningfully in economic activities. It requires fundamentally different thinking about what good innovation looks like. The most successful digital financial ecosystems will not be those that move money fastest, Jonas argued, but those that build and maintain trusted relationships with customers while delivering tangible value over time.

Trust, he stressed, must be fundamental to the equation. Customers must have confidence that their money is secure, their personal information protected, that systems will remain available when needed, and that products are transparent and suited to their circumstances. These are not abstract ideals. For people who have no fallback to a traditional bank, a system failure or a poorly designed product carries real consequences.

Jonas called on the industry to embed responsible innovation directly into product design and risk management rather than treating it as an afterthought. That includes protecting customer data and ensuring meaningful engagement with users about the products they are offered.

Meanwhile, the challenge for regulators is equally concrete: create frameworks that protect consumers and maintain financial stability while preserving space for experimentation and new business models. Jonas rejected the notion that regulation and innovation must be positioned as opposing forces. The right regulatory environment, he argued, creates the confidence and certainty that allows innovation to scale effectively, which ultimately serves the public rather than constraining it.

His closing vision was direct. An Africa that is digitally connected, financially included and economically empowered, with innovation that is ambitious yet responsible, infrastructure that is resilient, and a financial ecosystem that people can trust.

Whether the industry’s product designers and regulators can move in step with that vision, rather than pulling in separate directions, may determine how many of those 593 million active account holders actually achieve financial health rather than just financial access. More detail on the summit and industry perspectives is available at https://www.itweb.co.za/article/mtn-chairman-outlines-africas-next-financial-frontier/mYZRX79gbgBqOgA8.