African regulators are being called upon to fast-track reforms in digital financial systems, including mandating real-time settlement across payment platforms, enforcing cross-border interoperability within regional economic blocs, and imposing financial penalties for non-compliance.
The recommendations form part of a broader push to strengthen Africa’s digital financial infrastructure and unlock inclusive economic growth across the continent.
A key pillar of the proposed reforms focuses on creating stronger incentives for digital adoption. Regulators are urged to provide emerging fintech innovators with sufficient regulatory space to scale credit, savings, and insurance products. At the same time, mobile network operators and financial service providers would be required to make transaction data available to support credit underwriting, while open application programming interfaces (APIs) would enable innovators to build new financial products on existing payment systems.
The report also outlines the roles of key stakeholders—including governments, commercial banks, development finance institutions, and private investors—in advancing a more integrated and efficient digital financial ecosystem. It draws on lessons from both African and global markets to highlight best practices in building resilient and inclusive financial systems.
Mo Ibrahim, Founder and Chair of the Mo Ibrahim Foundation, stressed the urgency of coordinated action, warning that incremental reforms would fall short of meeting the continent’s needs.
“Incremental reform will not be enough. The public sector must move faster in building the regulatory clarity, institutional coordination, and governance frameworks capable of supporting Africa’s next phase of economic transformation,” he said. “Because ultimately, ownership cannot exist without accountability, and economic autonomy cannot exist without strong institutions.”
The report calls for immediate and collective action, noting that Africa’s rapidly growing population adds urgency to the challenge. By 2050, one in four people globally will be African, raising the stakes for building robust financial systems capable of supporting long-term development.
Without decisive reforms, the report warns, the cost of gradualism will continue to rise, potentially undermining the continent’s economic transformation ambitions.
