Ralph Mupita, Chief Executive Officer (CEO) of MTN Group, said on Wednesday that the rapid digital transformation taking place in Africa would deepen levels of financial inclusion on the continent.
Mupita said in a virtual interview during the opening of the just-ended 3iAfrica Summit that the strong emergence of digital financial settlement technology, combined with the already strong performance of mobile money platforms on the continent, puts Africa “on the brink of a major leap in financial inclusion.”
According to him, the evolution of mobile money systems into powerful financial ecosystems were already contributing to volumes of transaction globally, with estimates reaching around 2.0 trillion U.S dollars, demonstrating Africa’s growing influence in digital finance.
The next phase, Mupita said, would go beyond traditional Unstructured Supplementary Service Data (USSD)-based services into a more advanced, smartphone-driven ecosystem integrating digital banking, nano-lending, remittances and emerging technologies such as AI and blockchain-based solutions.
“This is a shift from mobile money to true digital finance,” the Group CEO explained, adding that such systems were key to unlocking economic growth and expanding financial inclusion especially among young Africans.
He emphasized that MTN and other telecom-led platforms had played a critical role in lowering barriers to financial inclusion by leveraging their wide distribution networks to reach underserved populations at scale.
However, he cautioned that regulatory clarity and strong frameworks are essential to sustain growth, build trust and combat risks such as fraud and digital scams.
Mupita stressed the need for Africa to move from isolated national systems to a fully integrated cross-border digital finance ecosystem.
“The future lies in seamless transactions across African markets with minimal barriers,” he said.