Kemi Okunsanya, Chief Executive Officer of Hydrogen Payment Systems, has called for a unified digital payments framework across Africa to address the continent’s growing fintech fragmentation, saying that the next phase of innovation will depend on interoperability and trust.
Speaking on Wednesday at the ongoing Mobile World Congress (MWC) Kigali 2025 in Rwanda, Okunsanya says Africa’s digital finance ecosystem has recorded major progress, processing over $1 trillion through mobile money in 2024, but remains constrained by disjointed systems that hinder cross-border trade and financial inclusion.
“For us to crack that next growth phase, we have to think from the perspective of one Africa, 50-plus states, and one payment rail,” she says.
“For us to crack that next growth phase, we have to think from the perspective of one Africa, 50-plus states, and one payment rail,” she says.
Okunsanya notes that while fintech adoption is accelerating across the continent, the lack of interoperability between payment systems prevents merchants and consumers from realising the full benefits of digital transformation.
“Everybody has some form of digital solution to pay,” she explains, “but they don’t speak to each other.”
She illustrates the challenge with the story of Momodu, a fabric seller in Dakar, Senegal, whose customers across Africa often struggle to complete payments because their local platforms are incompatible. “That’s the story of Africa’s fintech evolution — rich in innovation but disconnected in execution,” she adds.
Progress, but fragmented across Africa
Okunsanya highlights the continent’s digital payments gains, citing a 45% rise in instant transfers in Nigeria and 28% year-on-year growth in card transactions in South Africa. However, she warns that these advances also expose gaps that threaten scalability.
“We’re going to get to the point where wallets will not just be in the phones,” she says. “They’ll be in any form of device whatsoever. Embedded finance ensures you don’t need to actually make a payment — you only make the order, and the payment does itself.”
She predicts that stablecoins will increasingly underpin digital transactions across Africa in the coming years, despite ongoing regulatory caution.
Five pillars for Africa’s fintech future
Okunsanya outlines five key pillars she believes will define Africa’s next fintech wave — technology, product innovation, investment, regulation, and customer opportunity:
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Technology: Africa’s fintech infrastructure is shifting toward real-time payments, blockchain-based processing, and AI-driven fraud detection — technologies she says will power the next generation of financial systems.
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Product innovation: “Fintechs are moving from stand-alone wallets to multi-rail super apps connecting cards and accounts,” she says, adding that firms are now “redesigning credit for African lifestyles and embedding finance across key sectors.”
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Investment: Okunsanya notes that investors are refocusing on fundamentals. “Profitability and unit economics now matter more than hype,” she says, pointing to the rise of debt financing and bank–fintech partnerships as signs of a maturing market.
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Regulation: She observes that progressive policies are increasingly enabling inter-African trade through open banking, tiered licensing, and inclusive frameworks aligned with the UN Sustainable Development Goals (SDGs).
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Customer opportunity: Africa’s 400 million underbanked, mobile-first youth remain the biggest opportunity for digital finance. “The young consumer demands convenience and trust,” Okunsanya says, urging fintechs to design from that perspective.
“The fintechs that solve trust will own the future,” she asserts. “It’s not just about payments; it’s about ensuring that when I send my money, I get my goods.”
Okunsanya further stresses that as fintechs take a larger share of financial activity, regulators will become pivotal partners in shaping the ecosystem. “Our space is highly regulated,” she says. “Going forward, regulators won’t just be authorities — they’ll be collaborators helping to build the future.”
She also predicts a continued evolution in Africa’s funding environment, with investors favouring sustainable growth models over speculative expansion.
Hydrogen’s blueprint for growth
Speaking about Hydrogen Payment Systems, Okunsanya says the company’s growth strategy is built around connectivity, innovation, and regulatory trust. “We continue to build solutions that think about scale and interoperability,” she says. “We see regulators not as enforcers but as partners.”
Okunsanya concludes her keynote with a rallying call to industry stakeholders to unite behind a shared infrastructure for Africa’s digital economy.
“For us to crack that next growth phase, we have to think from the perspective of one Africa, 50-plus states, and one payment rail.”
Key insights from Kemi Okunsanya at MWC Kigali 2025
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Africa processes over $1 trillion via mobile money in 2024.
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Nigeria’s instant transfers grew 45%, and South Africa’s card transactions rose 28%.
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The next fintech frontier includes digital wallets, embedded finance, and stablecoins.
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Five pillars for the future: technology, product innovation, investment, regulation, and customer opportunity.
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400 million underbanked youth remain Africa’s biggest digital finance opportunity.
According to Okunsanya: “Trust will define the future of fintech in Africa.”
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