IFF 2026: Why Africa’s Financial Future May Not Belong to Banks

Why It Matters

The debate reshapes who controls financial services, impacting credit access, gender equity and cross‑border commerce across the continent.

Key Takeaways

• Digital public infrastructure seen as future financial backbone
• Women entrepreneurs face credit gaps due to outdated collateral models
• MTN FinTech offers open API connecting 70M customers instantly
• Equity launches Rwanda innovation studio to co‑create fintech solutions

Pulse Analysis

The Inclusive Finance Forum in Kigali highlighted a turning point for African finance: the move from pure financial inclusion toward wealth creation powered by digital public infrastructure. Panelists argued that identity, account opening and transaction layers must become utility‑like services owned by citizens rather than by banks or telcos. Such infrastructure—standardised APIs, interoperable digital IDs and sovereign wallets—could unlock cross‑border commerce and reduce reliance on legacy banking channels. By treating finance as a public good, regulators and investors can accelerate scaling of services that reach the continent’s 1.2 billion adults.

Women‑led enterprises remain the engine of informal growth, yet they confront a credit bottleneck rooted in antiquated collateral requirements. Mary Ellen Iskenderian warned that transaction data from mobile‑money platforms is largely untapped, preventing lenders from building risk models that reflect real repayment behaviour. Moreover, many African jurisdictions still charge banks full capital requirements on guarantee‑backed loans, nullifying policy efforts to expand SME financing. Closing this data and regulatory gap could unlock a portion of the $5.7 trillion small‑business finance shortfall, driving both gender equity and macroeconomic resilience.

Telcos are leveraging that same infrastructure to become full‑stack financial platforms. Serge Dioum described MTN FinTech’s open‑API ecosystem, which already links 70,000 partners to a 70 million‑strong customer base, enabling instant service roll‑outs without bespoke integrations. The model promises real‑time, cross‑border payments—Zambian users buying Rwandan goods on the move—while sidestepping traditional bank intermediaries. As banks grapple with the shift, Equity’s new innovation studio in Rwanda signals a hybrid approach, blending capital with agile tech talent. The contest between citizen‑owned wallets, gender‑responsive credit reforms and telco‑driven platforms will shape who ultimately controls Africa’s financial rails.