Serigne Dioum | Digital-First: Unlocking the next generation of African fintech

More than 15 years ago, mobile financial services emerged as a transformative force across Africa. From the earliest days of mobile money, platforms such as MTN MoMo have enabled millions of people to access financial services for the very first time using the most ubiquitous technology available: the mobile phone.

At the heart of this transformation has been USSD (Unstructured Supplementary Service Data), a technology that allows users to interact with services through simple text-based menus by dialling codes like *123#. USSD has been instrumental in democratising access, particularly for customers using feature phones or residing in areas with limited internet connectivity. While this remains a powerful and inclusive tool that serves an essential role in our ecosystem, MTN Group Fintech is now focused on unlocking the next generation of fintech for Africa.

As digital adoption accelerates across the continent, driven by rising smartphone penetration, improved data access and evolving customer expectations, it is clear that Africa is entering a new digital era and this calls for a new generation of platforms. According to GSMA’s Mobile Economy Sub-Saharan Africa 2023, smartphone adoption across the region is expected to grow from about 51 percent in 2022 to around 87 percent by 2030, while smartphones are projected to make up nearly 88 percent of all mobile connections. This rapid shift underlines why a digital-first approach is becoming essential.

Africa’s platform-centric future

Our team is executing a deliberate and inclusive transition from USSD-based services to smart-device-enabled platforms. This strategic shift is centred on deepening engagement, driving innovation and enhancing the value we deliver to individuals, businesses and communities.

Greater access to affordable data and devices is helping unlock this transition. The average cost of 1 GB of mobile data in Africa continues to fall, though it remains above the global average of USD 2.59, according to Visual Capitalist and Cable.co.uk. At the same time, initiatives across the continent are introducing lower cost smartphones, with entry level devices now priced under USD 50 in several markets, and expanding access through pay-as-you-go and device financing models (GSMA, Device Financing in Africa, 2023).

Our ambition is to evolve from delivering individual financial services to building a comprehensive digital ecosystem that meets a broader set of everyday needs, all within a single, seamless platform. This is the promise of the Super App.

Miriam, a small business owner, runs her operations with MoMo. She accepts customer payments, keeps her transactions transparent, and even accesses business loans all from her phone. For her, MoMo is more than a wallet; it’s a business partner, fuelling her growth and giving her the confidence to expand. Across the continent, there are millions of stories like Miriam’s that can now be elevated even further.

Fola, a salon owner, now runs her business entirely on MoMo: selling products online, managing bookings, paying suppliers, accessing additional cash flow when necessary, and even enjoying her leisure time by booking concert tickets—all from one integrated platform. For most small business owners like Fola across the continent, access to the Super App will transform their businesses, their lives, and, in turn, their communities.

Together, these applications represent our vision for the future: a multi-service digital platform that enables not only financial inclusion, but also digital and economic participation on a broader scale.

Preserving inclusion through innovation

While the evolution to Super Apps presents exciting new possibilities, it is critical to emphasise that our commitment to financial inclusion remains unchanged. The shift to smart-device platforms is not a replacement for USSD or agent-led models — it is a necessary extension.

We recognise that millions of our customers continue to rely on USSD as their primary interface for financial services. Many are unbanked, underserved, or live in regions where smartphone access and data affordability remain limited. These realities inform our dual-access strategy that considers both the digitally enabled who require smart apps that offer advanced services, enhanced security and greater convenience; and the traditionally served who benefit from continued investment in USSD and agent networks to ensure access, trust, and continuity.

While coverage has expanded, a significant usage gap remains: GSMA estimates that only 27 percent of the population in Sub-Saharan Africa currently uses mobile internet, even though more than 60 percent are covered by a mobile broadband network but not yet online. This reinforces the need for solutions that combine innovation with inclusion.

In practice, this means our focus is enhancing the functionality and user experience of USSD services; expanding our agent footprint to reach deeper into rural communities; and collaborating with more partners to increase access to affordable smartphones and data.

Our approach is inclusive by design — no one will be left behind as we expand the boundaries of what is possible through digital innovation.

The next generation of African fintech

This transition unlocks a number of strategic advantages:

• Platform-level engagement: Customers can do more within one environment.
• Scalable innovation: Through open APIs, we can enable developers and third-party providers to build and integrate new services for our customers.
• Smarter service delivery: Leveraging data, AI, and analytics to provide personalised services, enhance fraud prevention, and better understand customer needs.
• New digital business models: Empowering SMEs, content creators, and informal traders with tools to grow and participate in the digital economy.

Similar transformations have already taken place across ASEAN markets, where Super App ecosystems such as Grab, GoTo and ShopeePay have demonstrated how integrated digital platforms can expand financial participation and stimulate network effects across entire economies. Reports from McKinsey and Bain show that Southeast Asia’s digital economy now exceeds USD 100 billion in annual value, largely driven by these multi-service platforms.

This is how fintech becomes more than a channel for transactions; it becomes a driver of sustainable socio-economic development.

Committed to collaboration 

Our commitment remains to work to working alongside regulators, governments, technology partners, and local innovators to ensure that this transformation is equitable, inclusive, and impactful. It is only through such collaboration that we can truly unlock the full potential of Africa’s digital future.

In moving to a digital-first platform, we are not abandoning our past — we are building on it. We are leveraging everything we have learned over a decade of financial inclusion to create a smarter, more connected, and more empowering future for every African, on any device, in any location.

With smartphone adoption accelerating and connectivity expanding, the opportunity to scale inclusive, digital-first financial ecosystems has never been stronger.

Serigne Dioum is the CEO, MTN Group Fintech.

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