400 Million Africans Still Financially Excluded Despite Fintech Growth, Says AfricaNenda CEO
Despite the rapid rise of mobile technology, digital public infrastructure, and fintech investment across the continent, over 400 million Africans remain financially excluded, according to Dr. Robert Ochola, CEO of AfricaNenda Foundation.
Speaking at a high-level peer learning event in Lagos, co-hosted by AfricaNenda and the Nigeria Inter-Bank Settlement System (NIBSS), Ochola described the current state of financial exclusion as a paradox in the face of digital progress.
Financial Exclusion: An Unacceptable Contradiction
“This contradiction is not only unsustainable but unacceptable,” Ochola said. “Can we build inclusive, scalable systems that serve every citizen, not just the privileged few?”
He emphasised that Africa must move beyond elite-serving digital systems and instead focus on inclusive infrastructure that bridges the financial divide across underserved populations.
NIBSS as a Model for Inclusive Payments in Africa
Highlighting Nigeria’s success in building real-time digital payment infrastructure, Ochola praised NIBSS as a continental benchmark for inclusive financial systems.
“NIBSS processes nearly a billion transactions monthly. It’s interoperable, secure, and available 24/7. This is the kind of infrastructure Africa needs,” he stated.
He added that AfricaNenda is committed to empowering financial inclusion by enhancing regulatory capacity, promoting peer learning, and supporting open, trusted instant payment systems across the continent.
Call for African-led Payment Solutions
Premier Oiwoh, Managing Director and CEO of NIBSS, echoed Ochola’s sentiments. He called on African countries to move beyond colonial-era frameworks and adopt locally developed digital payment solutions that reflect African realities.
“Africa must build payment systems by Africans, for Africans,” Oiwoh said. “Free trade requires free movement — including seamless financial transactions.”
Oiwoh proposed the formation of an Africa Regulators Forum on Digital Payments to harmonise standards, foster collaboration, and promote co-development of inclusive and secure financial systems.
CBN: Cash is the Real Competitor in Africa
Representing the Central Bank of Nigeria (CBN), Musa Jimoh, Director of Payments System Management, reiterated that the main competition for digital finance in Africa is cash, not other financial institutions.
He credited Nigeria’s instant payments innovation, developed through NIBSS, as a solution grounded in local realities and scalable technology.
“Regulators across Africa must collaborate, break down jurisdictional silos, and work together as Africans,” Jimoh urged.
Key Takeaways:
- 400+ million Africans remain financially excluded despite fintech progress.
- AfricaNenda urges the development of inclusive, scalable instant payment systems.
- Nigeria’s NIBSS platform is highlighted as a continental model for real-time, interoperable payments.
- African regulators are urged to collaborate, innovate locally, and focus on defeating cash dependency.
- Proposal made for a pan -African Regulators Forum on Digital Payments.
