Interconnected fintech systems will drive Africa’s digital finance growth — MMFL CEO

Industry leaders in the financial technology space have called for a shift from fragmented digital finance platforms to interconnected systems capable of scaling across Africa.

Speaking at the 3i Africa Summit 2026 in Accra, Chief Executive Officer of Mobile Money Fintech Limited (MMFL), Haruna Shaibu, urged players in the sector to embrace interoperability, shared infrastructure and customer-focused innovation to accelerate financial inclusion on the continent.

Speaking on the theme, “From platforms to systems: building foundations, scaling Africa’s Digital Finance Economy,” he stressed that Africa’s digital finance future would depend on how well systems connect across borders and institutions.

“Leapfrogging is very simple; you can look at it as either growing exponentially or growing incrementally. And oftentimes, when a new technology is introduced, everybody jumps on it. We all end up doing the very same things,” he said.

According to him, much of Africa’s digital finance growth has been driven by duplication rather than transformation, limiting the sector’s overall impact.

Drawing comparisons with the early internet era, he noted that many businesses pursued similar models instead of building integrated systems that could scale.

“I recall many years ago when the internet explosion came about, everybody suddenly wanted to have an internet café. We built internet café businesses that were cannibalising each other,” he said.

Mr Shaibu emphasised the need for deliberate investment in what he described as “big pipes” — interoperable digital finance infrastructure that allows systems to connect seamlessly.

“When you are building a road network, you ask yourself: do you build the main artery first, and then connect the feeders into the artery?” he asked.

“We should be deliberate about building the bigger rails and connecting them so that we create a whole ecosystem that supports acceleration.”

He explained that interoperability remains central to the growth of mobile money and digital payment systems.

“You want to be able to create that big pipe which connects to another big pipe, which is the interoperable layer, so that system-to-system can connect and seamlessly transact,” he said.

He acknowledged the progress already made by regulators and industry players in building foundational infrastructure, but said the focus must now shift towards scaling and improving customer experience.

“At that level, what matters most is resilience and ensuring that the system is always available, and at a lower cost to the end customer,” he stated.

Mr Shaibu also highlighted the growing importance of data in the financial services industry, describing it as a critical tool for credit scoring, fraud prevention and customer management.

“The next big business is who is able to capture enough data points and build a data footprint of your customer and be able to serve them better,” he said.

On fraud prevention, he noted that the industry is increasingly moving from rule-based systems to behavioural-based fraud detection models capable of predicting suspicious activity before it occurs.

“We are moving from a rule-based fraud detection mechanism to more behavioural-based systems,” he explained.

He further welcomed recent reforms by the Bank of Ghana around open banking, describing them as key to building stronger digital finance ecosystems.

“Bank of Ghana has come up with a lot of reforms around open banking. This will present opportunities,” he said.

On artificial intelligence, he noted that the sector is only beginning to explore its full potential.

“The best use case for AI is yet to come. We have to adapt to new insights and use it in a safe way,” he added.

Other panelists at the summit also called for deeper reforms to strengthen Africa’s digital finance ecosystem.

Dare Okoudjou said mobile money remains the foundation of financial inclusion for many Africans and urged governments to pursue a continental licensing framework to reduce regulatory fragmentation and expansion costs.

Meanwhile, Paul Whelpton and Olugbenga Agboola highlighted the need for stronger systems, improved risk assessment and efficient digital infrastructure to lower borrowing costs and expand access to finance across the continent.

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