Hopolang Mokhopi
The future of financial technology (FinTech) in Africa depends on stronger collaboration between governments, the private sector, and local innovators, prominent industry leaders and policymakers have said.
The experts said this during a high-level panel discussion held at Vodacom Park in Maseru yesterday.
Key speakers included the Minister of Finance and Development Planning, Retšelisitsoe Matlanyane, M-Pesa Africa Chief Executive Officer (CEO) Sitoyo Lopokoiyit, and Vodacom Lesotho CEO Mohale Ralebitso.
The panel emphasised that sustainable digital growth across the continent will require more than innovation alone but will demand strategic partnerships and smart regulation that promote inclusive access to financial services.
Dr Matlanyane said although Africa has made significant strides in digital finance by pioneering platforms like M-Pesa, it is still lagging behind in emerging technologies such as artificial intelligence in financial services.
“We should be discussing the use of AI in financial services by now, but we still lag behind,” Dr Matlanyane said.
“I want to see FinTech functioning as a medium of exchange across our nation, as common and accepted as banknotes.”
The Minister called on local businesses to adopt digital payments more widely, while stressing the importance of extending services to underserved rural areas and ensuring that technology remains accessible to older generations.
She further clarified the government’s role, saying it must create an enabling environment for innovation by introducing clear policies, investing in infrastructure, and promoting interoperability between digital platforms.
Mr Lopokoiyit echoed her sentiments, noting that M-Pesa’s continued growth relies on openness and partnership.
“We cannot do it alone. By opening our APIs to developers, we create an ecosystem for innovation — new products, new services, and more inclusive solutions,” Mr Lopokoiyit.
He also urged African governments to simplify cross-border transaction policies to enhance trade across the continent. More broadly, he said the next phase of FinTech must go beyond access to finance and focus on financial health and wealth creation.
Mr Ralebitso, meanwhile, emphasised the need to invest in human capital, particularly youth.
“We must engage our youth, enabling them to become the developers behind our FinTech solutions,” Mr Ralebitso said.
He framed FinTech as a pathway to economic sovereignty, arguing that Africa should aim to build its own financial systems and reduce dependence on foreign debt.
“True progress is achieved when global technologies are tailored to address local challenges — a vision accelerated when government and industry unite.”
The panel concluded with a unified message: Africa’s digital future is not a race for individual glory, but is about team effort. Only through collaboration can the continent achieve inclusive financial transformation.
