The President and Chief Executive Officer of MTN Group, Ralph Mupita, has reaffirmed the company’s commitment to driving inclusive digital finance across Africa, as the continent transitions into a more advanced phase of financial innovation.
Speaking during a virtual fireside chat at the 3i Africa Summit in Accra, Mr. Mupita highlighted the growing role of telecom operators in expanding access to financial services, lowering transaction costs, and supporting broader economic participation.
He noted that Africa’s digital finance ecosystem is evolving rapidly, moving beyond basic mobile money platforms into more sophisticated, integrated financial systems powered by artificial intelligence and increasing smartphone adoption.
According to him, the continent is approaching a critical turning point in financial inclusion, with digital platforms reshaping how payments, credit, remittances, and cross-border trade are conducted.
“The pace of change is accelerating,” he said, explaining that technologies such as AI are shortening development timelines and unlocking opportunities that previously would have taken years to materialise.
Mr. Mupita pointed to the success of mobile money as a foundation for this transformation, noting that it has grown from simple peer-to-peer services into a major financial ecosystem contributing to global transaction volumes estimated at about US$2 trillion.
He explained that the next phase of growth will be driven by smartphone-based solutions, replacing traditional USSD systems with more advanced digital finance platforms.
These platforms are expected to integrate services such as nano-lending, digital banking, remittances, and emerging innovations including stablecoins and crypto-enabled tools.
“This is a structural shift from mobile money to full digital finance,” he said, describing it as a powerful driver of economic growth and inclusion across Africa.
Mr. Mupita also underscored the importance of telecom-led platforms in reaching underserved populations.
He said the extensive distribution networks of telecom companies have made it possible to deliver financial services at scale and at lower costs, helping to bring millions of people particularly young Africans into the formal financial system.
Drawing comparisons with India’s digital transformation, he said Africa has a similar opportunity to leverage digital finance to boost productivity, deepen trade, and create jobs.
However, he cautioned that regulatory clarity will be critical to sustaining growth. He called for policies that encourage innovation while ensuring consumer protection, warning that uncertainty could slow investment in the sector.
He further highlighted the rising threat of fraud and digital scams, stressing the need for strong regulatory frameworks to build trust in digital financial systems.
On cross-border payments, Mr. Mupita called for greater integration across African markets, arguing that fragmented national systems continue to hinder trade and increase transaction costs.
He said the future of commerce on the continent depends on seamless financial interoperability, enabling faster and more efficient transactions across borders. Institutions such as the African Export-Import Bank, he noted, are already playing a key role in advancing this agenda.
Touching on artificial intelligence, Mr. Mupita said the technology offers significant potential in areas such as fraud detection, credit scoring, and customer service.
However, he emphasised the need for responsible deployment and human oversight to maintain trust in digital systems.
He concluded that Africa’s digital finance future will depend on three key pillars resilience, trust, and regional integration adding that strong collaboration among stakeholders will be essential to unlocking long-term socio-economic transformation.
