According to recent reports, the number of registered mobile money accounts globally in 2020 stood at 1.2 billion, powered by over 300 live mobile money services, processing $767 billion in global transaction value. The sector has registered an increase of 12% from the previous year, especially due to increased demand during the COVID 19 pandemic. It is a fact that over 55% (more than half) of mobile money services globally are based in Africa, which also registered the highest growth in new users added in 2020, at 43% of all new accounts created. This points to the expanding and trailblazing nature of Africa’s digital payments market.

In this episode, we analyze this explosive growth narrative through the story of Africa’s largest digital payments gateway, MFS Africa. They have been at the forefront of this, connecting over 320 million mobile wallets in over 30 African countries. Daniel Maison, the organization’s Head of Growth, discusses their strategy to maintain their edge in a quickly evolving market, specifically how they meet their customers’ unique payment needs right from an early stage. He also gives his take on why smart money is in Africa and highlights some of the pain points that remain to be solved. Finally, we conclude our discussion with some debate about the role that FinTech can play in driving sustainable social and economic growth, especially as the world grapples with the threats of climate change and widening economic disparities.  

In parting, he poses a theoretical question, “What if every drop in the ocean saw itself as special and separate from every other drop?” and challenges us to do the best we can, with what we have, for the greater good.