TechCentral and NTT DATA recently hosted an executive roundtable with senior financial services leaders to explore how emerging technologies are reshaping Africa’s payments landscape and the opportunities and challenges in building a more inclusive, efficient financial ecosystem. This is what transpired.

Africa’s financial sector stands at a critical juncture. With rising mobile penetration, the rapid adoption of fintech solutions and a growing demand for accessible financial services, the region is uniquely positioned to leapfrog legacy systems and embrace innovative, inclusive payment ecosystems. To unpack this opportunity, TechCentral, in partnership with NTT DATA, convened a closed-door roundtable of financial services executives, including CIOs, heads of payments, data leaders, and credit and card executives.

Through a dynamic, open discussion, attendees explored what it will take to move from potential to progress – identifying not only the innovations making headlines but also the roadblocks to scaling inclusive, sustainable solutions across the continent.

From payments as a product to payments as a platform

The discussion opened with a reflection on how payments have evolved. What was once a siloed product offering – anchored in legacy systems, long settlement times and physical infrastructure – is rapidly transforming into a platform-driven experience. Payments are becoming embedded, seamless and increasingly invisible, with services integrated directly into mobile apps, e-commerce journeys and even social platforms.

This shift from “payments as a product” to “payments as a lifestyle” is enabling a more responsive, real-time experience for consumers. But it’s also raising the bar for traditional financial institutions, many of which are still navigating the constraints of complex legacy architecture.

Roundtable participants discussed the pressure to modernise core systems, adopt agile development practices, and invest in APIs and modular infrastructure to keep pace with the digital-native fintech players. However, this is not simply a technology challenge – it’s a mindset shift, and one that requires reimagining customer relationships, data strategies and the role banks play in an increasingly competitive and commoditised payments environment.

Mobile-first solutions and the drive towards inclusion

A major focus of the discussion was how mobile-first technologies are helping bridge the gap between the banked and unbanked, particularly in rural or underserved areas. The impact of mobile wallets, agent networks and SMS-based banking solutions was highlighted as a significant enabler of inclusion across the continent.

Real-world success stories like Kenya’s M-Pesa and Nigeria’s Paga were cited as proof points of mobile’s potential to empower individuals with little or no prior access to formal banking services. With limited need for physical infrastructure, these solutions have opened new pathways for consumers to save, spend, transfer and access credit – using only a mobile phone.

However, despite the progress, attendees agreed that meaningful inclusion cannot be achieved by technology alone. Design matters. Many of the most vulnerable users have low levels of digital literacy or are interacting with digital platforms for the first time. As such, there was strong emphasis on the need for human-centred design in all new payment innovations.

Participants called for simpler interfaces, multilingual capabilities, offline functionality and clear communication about fees and security. The design of the user experience must match the diversity of the people it serves. Without it, even the most powerful technology will struggle to deliver impact at scale.

Learning from global case studies

The group also reflected on several global case studies that serve as inspiration for what’s possible when infrastructure, regulation and user needs are aligned.

India’s Unified Payments Interface (UPI), with its open-source architecture and ability to support both smartphones and feature phones, was discussed. With over 14 billion transactions processed monthly and 350 million active users, UPI has demonstrated the value of interoperability, scalability and regulatory support.

Kenya’s M-Pesa was acknowledged not only for its reach but for the way it has integrated into daily life – enabling peer-to-peer transfers, bill payments, business transactions, and even microloans and savings. China’s digital yuan (eCNY) also drew attention for the way it’s being integrated into mass platforms like WeChat and Alibaba, offering a centralised but user-friendly digital currency model.

Participants agreed that Africa does not need to reinvent the wheel. Many of the design principles and infrastructure models behind these success stories can – and should – be localised and adapted to the continent’s own economic and social context.

Breaking barriers: what’s holding innovation back?

As the conversation deepened, the group explored the obstacles preventing the widespread implementation of innovative payment mechanisms – especially those that aim to drive financial inclusion.

Four key barriers stood out:

The need for human-centred design: Despite the availability of advanced technology, many innovations fail to gain traction because they are not built with the end user in mind. Too often, products are designed around operational needs rather than lived experiences. The group stressed that true innovation begins a deep understanding of users’ behaviours, constraints and motivations.
Regulatory complexity: The financial services sector, particularly banking and insurance, operates under stringent regulatory regimes. While necessary for consumer protection and systemic stability, regulation can also slow the pace of innovation. In contrast, fintech players often operate in less regulated environments, creating imbalances that both inhibit collaboration and fragment the market.
Difficulty in forming effective partnerships: Collaboration between banks and fintechs was acknowledged as essential – but difficult. Misaligned incentives, lengthy procurement cycles and unclear integration pathways often derail partnerships before they start. Participants expressed a desire for clearer frameworks and platforms that facilitate agile collaboration, knowledge-sharing and co-innovation.
Legacy business models: Many financial institutions are still operating with business models designed for an era of branches and plastic cards. To stay competitive in an era of instant, embedded finance, banks will need to redefine their value proposition and move from product providers to ecosystem orchestrators.

Blockchain, gen AI and responsible innovation

The group turned their attention to emerging technologies like blockchain and generative AI, exploring both their potential and practical application within the African payments context.

The blockchain was viewed as particularly promising for cross-border payments and remittances. By eliminating intermediaries, blockchain solutions could lower costs and increase speed – offering real benefits to users sending or receiving funds across borders. However, concerns around infrastructure maturity, regulatory clarity and interoperability were flagged as ongoing challenges to mainstream adoption.

Generative AI, meanwhile, is beginning to demonstrate tangible use cases – from chatbots that handle routine queries to systems that automate fraud detection and document processing. Several organisations represented at the roundtable reported pilot initiatives focused on improving customer service efficiency and reducing time to resolution. That said, participants expressed caution – not only around ethics, governance and regulatory compliance, but also around the quality and availability of data needed to power these solutions effectively.

The power of ecosystem thinking

The roundtable concluded with a discussion about the importance of ecosystem collaboration. Participants agreed that no single entity can solve for inclusion, security or innovation in isolation.

Building trust, scaling infrastructure and delivering digital literacy will require greater cooperation across banks, fintechs, telecommunications operators, regulators and technology providers. Shared infrastructure, open banking standards and public-private partnerships were all seen as vital enablers for the next chapter of inclusive growth.

Initiatives like industry sandboxes, data-sharing frameworks and pan-African payment networks were proposed as vehicles to accelerate both innovation and financial access – without compromising on safety, compliance or user experience.

Conclusion

Africa’s payments future is not a question of “if”, but “how”. The tools exist. The intent is clear. But execution will depend on our collective ability to design for real people, collaborate with unlikely partners and reimagine what financial services can – and should – look like in a connected continent.

TechCentral and NTT DATA thank all of those who participated in the roundtable discussion.