Collaboration is key to Africa’s interoperable digital money future – Experts

Africa can build a truly interoperable digital money ecosystem, with collaboration not just capital.

Experts stated this at the BusinessDay Fintech Summit 2026, while noting that Africa’s digital money ecosystem will not scale on innovation alone instead its future depends on coordinated efforts among regulators, fintechs, financial institutions, and global players to build integrated systems that prioritise trust, efficiency, and inclusion.

Ifeoluwa Akinbode, head of programs at Oxygen X Finance Limited, identified a fragmented ecosystem as the sector’s most pressing bottleneck.

“Africa has seen an influx of capital, but without collaboration especially among regulators, players will continue to operate in silos,” Akinbode said.

She noted that the absence of a shared, aligned framework across markets makes it difficult for fintech players to scale efficiently.

According to her, growth in Africa’s fintech sector will be driven less by individual startups and more by a cohesive ecosystem.

“When stakeholders understand what is required, it becomes easier to operate. Startups must see themselves as part of a broader fintech system and leverage shared infrastructure to scale,” she added, calling for the development of connected platforms accessible to all players.

Aisha Adedeji, global private banker and wealth management specialist, noted concerns around systemic gaps and highlighted inconsistencies in regulation and access as factors undermining investor confidence.

“Cross-border investment should be seamless, but inconsistency in regulation affects trust,” Adedeji said.

She noted the need for platforms that support wealth management, warning investors to prioritise understanding before committing capital.

“If you don’t understand it, don’t invest in it,” she advised.

Damola Giwa, country manager for Visa West Africa, said while global players bring best practices in security and trust, success in African markets depends on collaboration with local stakeholders.

“We partner with local banks, regulators, and fintechs to tailor solutions to the market. Expanding Visa acceptance will also support cross-border interoperability,” Giwa said, reinforcing the need for a collaborative fintech ecosystem.

Dennis Ajalie, CEO of TeamApt Limited, represented by Emmanuella Edeh, product delivery lead, stated that Nigeria is not lacking in regulatory frameworks but rather in execution speed.

She pointed to initiatives such as the Global Standing Instruction (GSI) framework as evidence of existing interoperability structures.

However, she emphasised the need to harmonise identity systems like the Bank Verification Number (BVN) and National Identity Management Commission (NIMC) database to enable smoother operations for businesses.

Benjamin Oyemonlan, CEO and co-founder of Platnova Technologies Limited, described infrastructure fragmentation as a major barrier to seamless payments across the continent.

“The technologies are disconnected. Payments should flow as easily as information moves from point A to point B,” he said, calling for consolidation of existing infrastructure rather than continuous duplication of efforts.

He also highlighted the role of stablecoins in enhancing cross-border transactions, noting that they offer faster settlement and global mobility of funds.

Oyemonlan clarified that stablecoins represent a hybrid model that complements rather than replaces traditional financial systems.