Mr Haruna Shaibu, Chief Executive Officer of Mobile Money Fintech Limited (MMFL), has urged players in Africa’s financial technology space to move beyond slow-paced growth and prioritise interconnected systems capable of scaling across the continent.
Speaking on a panel at the 3i Africa Summit 2026 in Accra on Thursday, Mr Shaibu called for “digital leapfrogging” anchored on interoperability, shared infrastructure, and customer-focused innovation.
Delivering remarks on the theme: “From Platforms to Systems: Building Foundations, Scaling Africa’s Digital Finance Economy,” he said the continent’s digital finance future would not be driven by isolated platforms, but by systems that operate seamlessly across borders and institutions.
Mr Shaibu explained that leapfrogging could either be incremental or exponential, but noted that new technologies often lead to duplication rather than transformation.
“Oftentimes, when a new technology is introduced, everybody jumps on it and we all end up doing the same things,” he said.
He cautioned that although digital finance had expanded rapidly in Africa, much of the progress had been characterised by replication of similar solutions, which limited impact and slowed meaningful financial inclusion.
Drawing a parallel with the early days of the internet, he said many businesses created similar internet café models that competed without delivering significant innovation.
He stressed the need for a shift from fragmented innovation to deliberate system design that enables scale.
Infrastructure Critical to Scaling
Mr Shaibu likened digital finance development to building a road network, where core infrastructure must be established before expanding connections.
“When you are building a road network, you build the main artery and connect feeders into it,” he said.
He noted that digital finance required a similar approach, with strong foundational systems linked through interoperable layers to create an integrated ecosystem.
“We should be deliberate about building bigger rails and connecting them to accelerate growth,” he added.
He said interoperability remained central to this vision, particularly in mobile money and payments, as it enabled seamless system-to-system transactions.
Mr Shaibu acknowledged that regulators and industry stakeholders had made progress in building core infrastructure, but emphasised the need to scale these systems across markets.
“We have built the foundations. The next step is how to layer on them and scale,” he said.
Customer-Centred Innovation
Mr Shaibu urged fintech firms to shift focus from building competing platforms to enhancing connectivity and improving customer experience.
He said the value of digital financial systems should be measured by their reliability, affordability, and ability to serve users effectively.
“What matters most is resilience, availability, and lower cost to the end customer,” he stated.
He added that innovation must increasingly focus on improving how customers interact with financial services.
“The biggest innovation should now be at the customer level,” he said.
Data Driving Competitiveness
Mr Shaibu described data as a critical driver of competitiveness in digital finance, particularly in areas such as credit scoring and customer service.
“Data is a powerful tool that helps institutions underwrite facilities and better understand customers,” he said.
He noted that financial institutions were increasingly competing based on their ability to gather and utilise customer data to deliver tailored services.
He added that data was also playing a key role in fraud detection and building trust within digital ecosystems.
Evolving Fraud Detection Systems
Mr Shaibu said fraud detection systems were evolving from rule-based mechanisms to behavioural models powered by data analytics.
“We are moving towards systems that can predict and prevent fraud before it occurs,” he said.
He explained that such systems analysed user behaviour to identify potential risks and stop fraudulent activities proactively.
Open Banking and AI Opportunities
Mr Shaibu commended the Bank of Ghana for introducing reforms around open banking, describing them as a major step towards strengthening the digital finance ecosystem.
He urged industry players to embrace openness, even when it presented short-term commercial challenges.
“If we want to build interconnected systems, we must be open and think about the broader financial ecosystem,” he said.
On artificial intelligence, he noted that its full potential in financial services was yet to be realised, calling for responsible adoption.
“The best use cases for AI are still ahead, and we must use it safely,” he said.
Calls for Deeper Reforms
Other panellists called for stronger reforms to address structural barriers within Africa’s digital finance sector.
Mr Dare Okoudjou highlighted the importance of mobile money as a foundation for financial inclusion, noting that it served as the first point of access to financial services for many Africans.
He called for scaling existing systems and advocated a continental licensing regime to replace fragmented national regulations, which he said increased costs and hindered expansion.
Mr Paul Whelpton and Mr Olugbenga Agboola also raised concerns about the high cost of credit across the continent, attributing it to inefficiencies in pricing and access.
They emphasised the need for stronger systems, improved risk assessment, and better use of digital infrastructure to reduce borrowing costs and expand access to finance.
