Africa’s Mobile Banking Innovations Offer Valuable Lessons for European Financial Institutions

The continent is increasingly emerging as a global leader in mobile banking, with innovations developed to serve underserved communities offering lessons for more established financial markets. According to the World Bank, 58% of adults in sub-Saharan Africa had a financial account in 2024, up from 34% in 2014, with mobile money playing a significant role. Kenya’s M-Pesa and South Africa’s Capitec demonstrate how accessible services, simple products and customer-focused technology can expand financial inclusion. Asseco Poland’s Marta Mróz-Sipiora argues that European banks could learn from Africa’s approach, particularly its emphasis on practical solutions rather than increasingly complicated digital platforms. With 1.1 billion registered mobile money accounts across Africa in 2024, the continent’s experience challenges conventional assumptions about where financial innovation originates. The opportunity now lies in strengthening cross-continental partnerships that recognise Africa as a source of financial innovation, not simply a market for imported solutions.