Banks that fail to embrace digital infrastructure, data-driven services and strategic partnerships risk becoming irrelevant in Africa’s fast-changing financial landscape, experts have warned at a major industry gathering in Kigali.
Speaking during a panel at the 2026 Inclusive FinTech Forum, Equity Group Holdings CEO Dr. James Mwangi said the financial system is rapidly shifting toward interconnected digital platforms, where trust, digital identity and technological interoperability will determine which institutions survive. He cautioned that banks must rethink their business models around open, digital ecosystems or be overtaken by more agile fintechs and telecom-led players.newtimes.
Dr. Mwangi was joined on the panel by Mary Ellen Iskenderian, President of Women’s World Banking, and Serigne Dioum, CEO of MTN Fintech Group, in a discussion that underscored the central role of government-led digital public infrastructure in Africa’s next phase of financial development. The speakers highlighted interoperable payment rails, robust digital ID systems and enabling regulation as critical foundations for collaboration among banks, fintech companies and telecom operators.
“Nothing works without trust,” Dr. Mwangi stressed, arguing that the integrity of digital transactions depends on reliable systems for verifying customer identity and safeguarding data. Dioum noted that Africa has already made global strides in mobile money, pointing to markets like Rwanda where digital wallets are used even for low-value, everyday purchases, but insisted that digital finance must now move beyond basic transfers to drive “wealth creation” through expanded credit and savings for small entrepreneurs.
Iskenderian warned that access to credit remains a major bottleneck, particularly for women, who make up the majority of Africa’s self-employed but still face limited financing options. She argued that lenders must move away from traditional collateral-based models and use alternative digital data to assess borrowers’ repayment capacity, opening the way for more inclusive lending.
The panel agreed that Africa’s digital finance market is becoming increasingly attractive to investors as new platforms allow startups to scale quickly across borders. According to Dr. Mwangi, this momentum is forcing traditional banks to evolve, with many now partnering more closely with technology firms and fintech innovators to remain competitive in a digital-first economy.
