Africa’s mobile money sector must move beyond transaction volumes and focus on helping users save, invest and build financial resilience, according to industry executives speaking at the MTN Group Fintech Summit in Johannesburg.
Shaibu Haruna, CEO of MTN Mobile Money Ghana, said that despite widespread adoption and high transaction volumes in Ghana, fewer than 0.3% of the user base is actively investing, while only a small proportion saves regularly.
“I get very uncomfortable when you describe Ghana as a mature market,” Haruna said. “Today, we process in excess of 26 million transactions every single day, so that looks good when you look at the statistics. But on a 30-day basis, very small numbers are actively saving.”
The figures point to a gap between access to mobile financial services and broader financial participation, with users relying on digital platforms for transactions without necessarily using them to save or invest.
Haruna and other industry executives said mobile money providers need to develop broader financial ecosystems that move beyond basic payments.
They pointed to greater use of data, digital financial products and partnerships between banks, regulators and fintech companies as ways to expand the services available through mobile wallets.
MTN Group Fintech CEO Serigne Dioum said the industry's measure of success should extend beyond the number of wallets opened to the impact those services have on users' financial wellbeing.
“No single financial institution or fintech or one company can build the financial service ecosystem for our people in Africa,” he said.
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