The Chief Executive Officer (CEO) of Mobile Money Limited, Ghana, Shaibu Haruna, has called on Africa’s financial services industry to embrace a vision of digital inclusion that transcends devices, geographies, and demographics, ensuring that no one is left behind in the digital economy.
“Digital inclusion means every single African has the power of being part of the financial ecosystem,” Haruna declared during a high-level panel discussion at the inaugural MTN Group Fintech Summit 2025, held in Johannesburg from September 9 to 11.
“It doesn’t matter whether people live in the remotest part of Africa or the kind of device they are using—what matters is that they should have access to affordable and convenient digital financial services,” he said, stressing that MoMo is designed to meet Africans where they are.
Haruna’s call set the tone for a three-day gathering that brought together more than 350 delegates, including regulators, policymakers, innovators, and business leaders from across the continent.
The summit highlighted how mobile money is no longer just a convenience but the beating heart of Africa’s financial inclusion journey.
MoMo’s expanding role
The Johannesburg summit underscored how MoMo from MTN has grown far beyond its origins as a simple payment service.
Today, it serves as a robust ecosystem supporting small businesses, fostering financial independence, and contributing to economic resilience across Africa.
With 283 million active accounts, MoMo is now central to the lives of millions of Africans, bridging the gap between formal banking and the unbanked.
Its influence is vast: one in three adults in Sub-Saharan Africa uses mobile money, with annual transactions exceeding $1.1 trillion and accounting for nearly 5% of the region’s GDP.
What began as a tool for cash transfers has become a platform for savings, investments, credit, and business management, empowering entrepreneurs and everyday citizens alike.
Financial independence beyond credit
A recurring theme at the summit was that financial independence must extend beyond mere access to credit.
True empowerment, speakers argued, requires a holistic ecosystem combining digital skills, financial education, savings tools, and investment opportunities.
“Finance is a right and not a privilege,” said Mudassar Agil, MTN Group Fintech Executive, Banktech, in his keynote.
“Our mandate is to democratisise access to credit for everyone across Africa using digital tools. By leveraging data intelligently, we are able to understand risks better and provide affordable, transparent, and fair credit to all.”
Agil’s comments were echoed by fellow panellists, including Richard Yego (MTN MoMo Uganda CEO), Alain Claude Nono (MTN MoMo Cameroon CEO), and Kagiso Mothibi (MTN MoMo South Africa CEO).
They emphasised that fintech’s greatest strength lies in data-driven insights that make financial services both affordable and transparent.
The push for digital inclusion
While fintech innovation often centers on apps and advanced platforms, Haruna reminded participants that the journey to inclusion must also account for Africa’s vast rural populations and the millions still relying on basic phones.
MoMo, he explained, is built to serve all Africans—whether through smartphone apps or USSD codes—and its agent network remains critical in bridging gaps in literacy and adoption.
“Agents are the face of financial inclusion,” he said, highlighting their role in helping millions of first-time users navigate digital finance.
The message resonated across the summit: innovation must not create new divides.
Every African, regardless of location or device, should have the opportunity to participate in the digital financial ecosystem.
Regulation, innovation, and trust
Another defining theme of the summit was the delicate balance between innovation and regulation.
Policymakers and regulators acknowledged that while fintech has opened opportunities for growth, it also presents risks that must be managed carefully.
Issues such as interoperability, consumer protection, and transparency were flagged as essential to safeguarding trust in Africa’s digital finance systems.
MTN Group Fintech is committed to deepening partnerships with regulators to foster ecosystems that are both innovative and safe.
To this end, MTN announced a digital-first strategy centred on rolling out three dedicated apps—for consumers, businesses, and agents—each embedded with mini-app ecosystems offering tools for credit, savings, business management, and education.
Yet even as the company moves toward app-based innovation, executives reassured delegates that USSD services will remain in place, ensuring continuity for millions of customers who still rely on basic devices.
Toward 2030: A bold vision
The summit was more than a gathering of minds; it was a declaration of intent.
By 2030, MTN Group Fintech envisions a continent where financial prosperity, independence, and opportunity are shared realities, not privileges reserved for the few.
To achieve this, MTN outlined its commitments to expand the MoMo ecosystem through tailored apps for consumers, SMEs, and agents, invest in digital literacy and financial education, preserve inclusive access for all device types and partner closely with regulators to build resilient, interoperable systems.
MoMo’s continental impact
The numbers already reveal the scale of MoMo’s impact. With 283 million accounts spanning multiple countries, the platform is not only enabling individuals to save, invest, and plan for the future but also fueling small and medium-sized enterprises (SMEs) to grow, hire, and contribute to national economies.
In regions where traditional banks have never set foot, MoMo agents are filling the gap, becoming the “new banks” of underserved communities.
The platform has evolved into a catalyst for job creation, entrepreneurship, and social mobility—a critical foundation for Africa’s economic resilience.
As one delegate summed it up, “Africa’s fintech journey is not about replacing banks—it is about unlocking financial freedom for millions who have long been excluded.”
A landmark moment
The inaugural MTN Group Fintech Summit 2025 was a watershed moment not just for the company but for Africa’s broader financial inclusion agenda.
By placing mobile money at the centre of Africa’s economic transformation, the summit reaffirmed what millions of Africans already know: that MoMo is more than a tool for transactions.
It is a gateway to independence, prosperity, and opportunity.
And as Shaibu’s call made clear at the very outset, the future of digital finance must be inclusive, accessible, and empowering—for every African, on every device, in every corner of the continent.
