Africa’s FinTech Growth Set to Move Beyond Payments Into Credit and Financial Services
Africa’s financial technology sector is entering a new phase of development that moves beyond digital payments toward deeper financial services such as credit, savings, and ......
Black News 
Africa’s financial technology sector is entering a new phase of development that moves beyond digital payments toward deeper financial services such as credit, savings, and business financing, according to a new report titled “Beyond Payments: Unlocking Africa’s Second FinTech Wave” by Boston Consulting Group (BCG).
The report highlights that Africa is currently the fastest-growing FinTech market globally, with revenues projected to expand nearly 13-fold by 2030 to around $65 billion. This growth has been driven largely by digital payments and mobile money, which now account for a dominant share of global mobile transaction volumes.
However, while the first wave of FinTech expansion focused on expanding financial inclusion through mobile wallets and payment platforms, the report notes that financial depth across the continent remains limited. Although around 40% of adults in Sub-Saharan Africa use mobile money, access to formal credit and structured financial products remains shallow, with more than half of lending still occurring through informal or semi-formal channels in many markets.
The report points to the success of platforms such as M-Pesa and MTN MoMo, along with newer players like Wave, PalmPay, and OPay, in driving widespread adoption of digital payments. These services have significantly expanded access to financial tools, particularly in underserved markets.
Despite this progress, adoption patterns across Africa remain uneven. Some markets, particularly in East Africa, have developed advanced mobile money ecosystems that support multiple use cases including merchant payments and government transactions. In contrast, other regions remain at an earlier stage, with limited integration between banking and mobile platforms and narrower usage focused mainly on peer-to-peer transfers.
BCG argues that the next phase of growth will depend on shifting from transaction-heavy systems to infrastructure that supports credit creation, business-to-business payments, and government-to-person flows. It also highlights the importance of building interoperable digital infrastructure, improving regulatory clarity, and strengthening consumer trust and cybersecurity frameworks.
A key theme of the report is the need to transform transaction data into credit infrastructure. The authors note that while digital payment systems generate large volumes of data, weak credit reporting systems and limited financial transparency still restrict access to SME financing and risk-based lending.
The report also stresses the importance of cross-border payment systems to support regional trade under frameworks such as the African Continental Free Trade Area (AfCFTA), noting that high transaction costs and fragmented regulations continue to limit seamless financial flows.
Comparisons with global systems such as Brazil’s PIX and India’s Unified Payments Interface (UPI) show that large-scale FinTech adoption is often driven by deliberate regulatory design and interoperable infrastructure. The report suggests that Africa’s future success will depend on similar coordination between governments, regulators, and private sector players.
Ultimately, the report concludes that Africa has already built strong digital payment rails, but the next challenge is ensuring those systems evolve into a more mature financial ecosystem capable of supporting long-term economic growth, investment, and inclusion.
