MTN Group CEO highlights shift toward full digital finance ecosystems in Africa at 3i Africa Summit

By:  Nana Appiah Acquaye

MTN Group Chief Executive Officer, Ralph Mupita has emphasized that Africa is entering a decisive phase in the evolution of digital finance, moving beyond basic mobile money services toward fully integrated digital financial ecosystems.

Speaking during a virtual fireside chat with journalist Bernard Avle at the 3i Africa Summit in Accra, Mupita said the acceleration of the digital economy, driven in part by advances in artificial intelligence, is reshaping what is possible for financial inclusion and economic participation across emerging markets.

He noted that mobile money has already transformed financial access across Africa over the past 15 years, citing its scale and widespread adoption across regions such as West and East Africa. However, he stressed that the continent is now transitioning from peer-to-peer mobile money transactions to more advanced forms of digital finance.

According to him, the next phase will be characterised by smartphone-based financial services, app-driven ecosystems, and the expansion of products such as nano-lending, remittances, digital payments, and emerging instruments including stablecoins and crypto-related services. He added that this shift represents a move from legacy USSD-based systems to more sophisticated, integrated platforms.

Mupita further explained that telecommunications-led platforms have played a critical role in expanding financial inclusion due to their ability to reach customers at scale and at low cost. He contrasted this with traditional financial institutions, which he said have historically faced structural limitations in achieving widespread reach in underserved markets.

He argued that the combination of telecom infrastructure and digital platforms has enabled greater access to financial services, helping to democratize participation in the formal economy and create new pathways for economic growth, particularly among young populations across Africa.

On regulatory frameworks, Mupita called for greater certainty and clarity to support long-term investment in digital finance. He stressed the importance of balancing innovation with consumer protection, particularly in addressing growing risks such as fraud and financial scams.

He also highlighted the need for stronger regional integration to enable seamless cross-border digital transactions. According to him, Africa’s digital finance future depends on reducing fragmentation between national systems and enabling frictionless movement of payments across the continent within secure and trusted frameworks.

Mupita further underscored the growing role of artificial intelligence in areas such as fraud detection, credit scoring, and customer service, while cautioning that human oversight remains essential to maintaining trust in financial systems.

He concluded that the next phase of Africa’s digital finance journey will be defined by resilience, trust, and regional cooperation, adding that coordinated action among stakeholders will be key to unlocking the sector’s full potential for inclusive economic growth.