How fintech ecosystem collaboration is driving inclusive growth

In brief

• Africa’s growing fintech ecosystem is driven by local innovation, long-term capital injections and regulatory clarity
• Inclusive Growth is driven by enhanced and sustainable ecosystem collaboration
• AI, digital identity, embedded finance, and interoperable infrastructure will form the next wave of fintech innovation

Africa’s Fintech Momentum

Over the past two decades, fintech has transformed Africa’s financial landscape: driving inclusion, enabling innovation, and powering economic growth. The industry has become increasingly central to the continent’s economic development, particularly within Sub-Saharan Africa. For example, mobile money services have significantly boosted the region's gross domestic product (GDP), rising from approximately US$150 billion in 2022 to US$190 billion in 2023. By 2024, the number of registered mobile money wallets in Sub-Saharan Africa saw double-digit growth, reaching an estimated 1.1 billion accounts.

While substantial progress has been made, there is still much work to be done. The next phase of growth will not stem from isolated efforts; it will emerge from those who effectively integrate policy, capital, and execution through collaboration. This is where enabling ecosystems come into play. They are crucial for driving innovation, scaling impact, and providing regulatory clarity, all of which contribute to building inclusive financial systems that deliver real solutions for households and businesses.

What Ecosystem Collaboration Looks Like

• Capital sets direction: Visa’s US$1 billion Africa commitment and its Accelerator Program are catalyzing financial access, gender inclusion, and payments infrastructure.
• Local innovators build solutions: Fit-for-purpose products tailored to Africa’s realities, from climate-smart lending to SME-focused neobanks.
• Regulators guide growth: Sandboxes, open banking frameworks, and digital asset laws enable responsible scaling.

Fintechs are emerging and operating within complex ecosystems shaped by a diverse range of stakeholders, including financial institutions, policy bodies, and technology providers. Regulatory and policy frameworks are continually evolving to guide the continent’s digital future, with regional blocs like the East African Community, ECOWAS, SADC, and the African Union leading efforts to enhance cross-border collaboration and financial integration.

As Africa’s digital financial ecosystem matures, there is increasing interest in technologies such as Central Bank Digital Currencies (CBDCs), highlighted by initiatives like Zimbabwe’s gold-backed ZiG and Nigeria’s eNaira. In response, regulatory frameworks are being refined to offer tailored licensing and clearer guidelines, providing greater certainty for fintech startups and their investors. However, challenges persist, as achieving transparent and consistent regulation across the sector remains a work in progress, and regulatory uncertainty can hinder innovation and growth.

Country Spotlights with Featured Fintechs

Kenya:

Kenya’s financial sector showcases the transformative power of collaborative ecosystems, characterized by robust innovation, progressive regulation, and widespread financial access. The country is actively promoting fintech growth through interoperability and responsible innovation. Key measures include the Virtual Asset Service Providers Bill, regulatory sandboxes, and stringent lending standards established under the Digital Credit Providers Regulation. Collectively, these efforts aim to build resilience and inclusivity, preparing Kenya’s fintech sector to meet evolving financial and technological demands.

Case Studies

• Melanin Kapital – Digitizing lending workflows and pioneering climate-smart finance for SMEs, backed by carbon credit innovation.
• Sevi – Embedding credit into distributor networks to provide affordable, short-term loans for micro-retailers.

Nigeria:

Nigeria is home to one of Africa's largest financial systems and is a leading fintech hub on the continent. Its mature financial sector has propelled the country into one of Africa’s most dynamic economies. The fintech sector in Nigeria aims to drive growth through regulatory clarity, introducing initiatives like open banking frameworks, sandbox environments, and the 2025 Investments and Securities Act to govern digital assets and enhance investor protection.  Nigeria has a solid foundation for financial inclusion and inclusive growth. This is bolstered by a robust regulatory environment that enables fintech to thrive within the country’s financial system.

Case Studies

• Kredete – Tackling credit invisibility by using remittance transactions as credit-building events; leveraging stablecoin rails for low-cost transfers.
• NearPays – Driving inclusive payments with offline capabilities, contactless solutions, and partnerships with banks and regulators.

South Africa:

South Africa has a mature and sophisticated financial services sector, characterized by well-established banks, robust capital markets, and a regulatory framework that meets global standards. To promote supervised innovation, the country has launched several initiatives, including the Intergovernmental Fintech Working Group (IFWG) Innovation Hub, the Payments Ecosystem Modernization strategy, and the upcoming the Conduct of Financial Institutions (COFI) Bill, which seeks to unify fragmented financial conduct laws.

In this dynamic environment, South African fintechs are innovating to meet the needs of a diverse consumer base, offering more inclusive, accessible, and resilient financial services. 

Case studies:

• Open (Open Financial Market Infrastructure) – Building blockchain-based clearing and settlement platforms to democratize financial infrastructure.
• Zazu – A pan-African SME neobank integrating embedded finance tools like payroll, lending, and cash flow management.

Technology Priorities: Building the Next Wave of Inclusive Finance

Africa’s fintech future will be shaped by technologies that enable scale, trust, and interoperability. These innovations are critical for expanding access, reducing friction, and driving resilience across markets.

• Secure digital identity – Simplify onboarding, reduce fraud, and enable cross-border compliance.
• Embedded finance – Integrate financial services into platforms where people earn, trade, and save.
• Stablecoins and blockchain payments – Deliver faster, cheaper cross-border transactions under regulatory guardrails.
• Tokenization of assets – Enable fractional ownership and new investment models for SMEs and climate-linked assets.
• Open banking APIs – Drive interoperability and innovation through secure data sharing.
• AI-powered fraud detection and compliance automation – Strengthen consumer trust and operational resilience.

Visa Accelerator Programme, Plug and Play, and EY Ripples

The Visa Accelerator Program anchors Africa’s fintech ecosystem, combining US$1B investment with access to global payments expertise, APIs, SDKs, and hubs like the Nairobi Innovation Studio. Across four cohorts, it has supported 100+ fintechs, raised US$90M, and achieved portfolio valuations over US$1B, with 64% of alumni featuring women leaders.

Plug and Play partners with Visa to deliver the program, select high-potential startups, and connect them to global investor networks—accelerating scale and ensuring best practices.

EY Ripples complements these efforts through mentorship, regulatory guidance, and capacity-building workshops, helping founders engage with regulators, collaborate with incumbents, and scale responsibly.

Together, these partnerships show how capital, capability, and collaboration converge to build resilient fintech ecosystems across Africa.

In Summary

EY partners with fintechs, accelerators, and banks to strengthen and grow the financial ecosystem. We focus on delivering strategic guidance and execution support to help clients design and launch innovative products and services, build impactful partnerships, and scale their businesses for sustainable growth.