Africa now has more than 1.2 billion registered mobile money accounts — over half of the world's 2.3 billion total. These accounts handle more than $1.4 trillion in transactions every year. But the people building this system say that's not enough.
Speaking at the 7th Africa Fintech Forum 2026 in Nairobi on Thursday, a keynote speaker laid out a clear message: banks, fintechs, and regulators must stop acting like rivals and start working together.
The event, hosted by BII Global, brought together players from across the continent. The keynote, titled “Empowering Innovation, Driving Inclusion: The Future of Fintech in Africa,” made three big points.
First, the old idea that fintechs are here to replace banks is dead. Banks bring trust, big customer bases, and strong risk management. Fintechs bring speed, fresh ideas, and simple digital experiences. Regulators bring rules and stability. When all three work together, everyone wins. That means regular conversations, co-creating products, and regulators setting up sandboxes where new ideas can be tested safely.
Second, cross-border payments in Africa are still too hard. Sending money from Ghana to Kenya can be slower and more expensive than sending it to Europe. The Pan African Payments and Settlements System (PAPSS) is supposed to fix that, but it needs more support. The keynote called for payment systems across countries to connect and speak the same language. Shared digital tools like digital IDs, common KYC systems, and shared credit information would also help.
That way, a customer in Nigeria can be easily recognised and served in South Africa.
Third, blockchain and digital assets can't be ignored. They're already here. The challenge is to use them wisely. The idea is simple: if a digital service does the same job as a traditional financial service, it should follow the same rules for transparency, customer protection, and anti-money laundering. Tokenisation — turning real assets into digital tokens — can make trade and settlement easier, especially for cross-border deals.
The goal isn't to replace banks with blockchain, but to use the technology to make banking better.
The keynote also noted that most African countries are already setting up rules for digital assets. That's a good sign. But the speaker warned against creating many small, disconnected systems. Common standards and platforms are better.
“Banks bring trust, large customer bases, and strong risk management. Fintechs bring fresh ideas, fast innovation, and simple digital experiences. Regulators bring rules, stability, and protection.”
The message from Nairobi is clear: Africa's fintech revolution is real, but it needs a joined-up approach to reach its full potential. The numbers are already impressive. But the next step is making sure that money — and opportunity — can flow freely across the continent.