Alexander Hizikias, eQub co-founder and CEO.

Fintech companies in Africa are more than simply businesses; they represent a movement that is improving people's lives by enhancing financial inclusion.

This is according to Alexander Hizikias, co-founder and CEO of eQub, an Ethiopian fintech that emerged as a winner, receiving the award for Best Fintech Start-up at the recently held AfricArena Johannesburg Summit 2025, which recognised Africa's top rising start-ups for their innovative solutions.

Speaking to ITWeb Africa on the sidelines of the event, Hizikias stated that fintechs such as eQub become ecosystem enablers, providing financial inclusion for Africa's underbanked population. 

As a digital platform, eQub collaborates with saving clubs and lending circles to improve access to finance and credit, and is presently unlocking financial opportunities for economic involvement for over 75 000 active users.

"This is for people who already have a savings group or who want to create one but can't find other members to join. We are able to match people who come in individually, and once we have the savings group, we provide them with a platform to administer, track their members, and make payments securely and easily," he explains.

Despite all of the progress made in the fintech field, Hizikias feels that Africa's biggest challenge is access to savings and credit.

He explains: "I believe there is huge potential for progress, but we also need to apply African solutions to African challenges. The sense of embracing and preserving our traditions, such as stokvels and chamas, as well as savings organisations in general, to connect the unbanked to the banking sector and formal financial institutions. I feel that these [fintech] platforms allow people to effortlessly transition into this new revolution."

Hizikias also emphasised the influence of fund raising and venture capital funding initiatives on start-ups across the continent, pointing out the growing need for valuable start-ups.

“We are a bootstrapped start-up. We have been building value internally and we have grown this far without no external investments, but as of today we are happy that we are exposed to these different venture capitals, family offices, and angel investors to show interest in our companies. 

"That means we are doing things right and also there is great demand for valuable start-ups, if you are valuable, you will definitely get funding, but these kind of platforms like AfricaArena are great ecosystem players to facilitate these resources, mobilisation between different stakeholders."

He says opportunity enablers such as AfricArena provide a platform for start-ups and investors to identify market gaps and invest in solutions.