While millions of Africans have embraced mobile money for savings, its adoption for credit remains modest. This is primarily due to the persistence of informal lending practices, even as new innovations begin to emerge.

Mobile money has become a transformative force for financial inclusion in Africa, yet its full potential remains untapped. While the service has excelled at providing a platform for savings, it has made little headway in providing widespread access to credit. The Global Findex Database 2025, published by the World Bank, shows the share of African adults with a mobile money account soared from 27% to 40% in just three years, reaching the highest rate globally. The report found that 23% of African adults saved using their mobile accounts in 2024, nearly double the rate of 13% in 2021.

The report also shows that 35% of African adults overall reported saving digitally or through traditional institutions. In countries with large mobile money economies like Ghana, Kenya, Senegal, and Uganda, more than 50% of adults use mobile money for savings, signaling a massive adoption of the service.

Mobile money is more accessible than traditional banking networks, making it easier to save small amounts and providing flexible deposits and withdrawals through local agents. This has led to more inclusive adoption, especially in rural and informal settings.

Savings Succeed, Credit Stalls

Despite the success of savings, access to credit through mobile money remains very limited. In 2024, only 7% of African adults borrowed through their mobile accounts, a figure that has remained stable since 2021. By contrast, nearly 59% of adults across the continent used some form of credit, though primarily through informal means like family or savings clubs.

In major mobile money markets like Kenya, Ghana, and Uganda, 22% to 32% of adults have borrowed through a mobile operator. However, these loans are typically small, short-term, and often carry high interest rates, which limits their overall economic impact.

Several factors explain this disconnect. According to the World Bank, regulatory authorities remain cautious, fearing over-indebtedness or fraud. The organization also points to business models that favor less-risky deposits and payments over credit.

The report also reveals that customers themselves are hesitant to borrow through platforms not well known for lending due to distrust, limited financial literacy, or overly strict eligibility simulators.

Innovations and Lingering Limits

While some specialized fintech and mobile platforms are gradually expanding their offerings through alternative credit scoring and nano-loans for micro-entrepreneurs, a mass-market for inclusive digital credit has yet to emerge. The report notes that countries with close cooperation among mobile operators, banks, and regulators, such as Kenya, are making progress, but elsewhere, advancement is slow.

The challenge now is to pair access to digital savings with policies for financial literacy, consumer protection, and regulatory innovation. The goal is to advance credit access without making already vulnerable populations more fragile.

For the World Bank, mobile money's full potential in Africa will only be unlocked when it contributes as much to productive investment as it does to savings security. This requires building customer trust and analytical skills regarding digital credit offers, improving interoperability between services and institutions, and adapting credit to local economic realities while minimizing associated risks.

Melchior Koba

Angela Ngo Ndouga has spent over 15 years studying the weaknesses in corporate finance. From Paris to Douala, she followed a clear path: first understanding the systems, then fixing their flaws.

A Cameroonian entrepreneur, Angela specialises in alternative financing and factoring across Africa. She co-founded Yellow Factoring, a fintech company launched in 2021.

Yellow Factoring digitises trade receivables to help small and medium-sized enterprises (SMEs) access quick cash. The platform allows companies to upload invoices, which Yellow Factoring reviews to verify and assess risk. It advances up to 80% of the invoice value in under 72 hours. The firm then manages collection and assumes the risk of non-payment.

Beyond cash advances, Yellow Factoring also provides administrative support, receivables management, financial training, and sector-specific tools for retail, import-export, and agri-food businesses.Yellow Factoring prioritizes small and medium-sized enterprises (SMEs) often left out of short-term financing, focusing especially on women-led businesses. The company collaborates with partners such as Afreximbank, the European Union, and the I&P Accélération programme in Africa.

By leveraging digital tools, Yellow Factoring automates processes, ensures operational transparency, and smooths interactions between entrepreneurs and creditors.

Before starting Yellow Factoring, Angela Ngo Ndouga co-founded Lusis & Co, a Cameroonian consultancy focused on operational performance and credit management, where she served as deputy managing director from 2016 to 2021.

She holds a master’s degree in international financial management from the Paris School of Business (2011). Angela began her career in 2008 at Société Générale Factoring in Paris as an international account manager. In 2011, she joined Coface Cameroon, a trade credit risk management firm, progressing from Factoring Account Manager to Head of the Factoring Department in 2014.

 Melchior Koba

Daniel Kagame Ndahiro studies the challenges faced by small businesses and designs solutions to address their needs. With Credify Africa, he targets the financing obstacles that limit growth for these enterprises.

As entrepreneur and CEO of Credify Africa, founded in 2015, Ndahiro leads a fintech focused on helping African small and medium-sized enterprises (SMEs). The company specialises in SME financing, international trade, and logistics services. It aims to simplify credit access and smooth international transactions for local businesses facing multiple growth barriers.

Credify Africa has positioned itself as a key player in supply chain optimisation. It offers integrated services including invoice advances, real-time multi-currency payments, customs assistance, and freight management.The platform automates the entire process from registration to decision-making using scoring tools tailored for the African market. This system shortens disbursement times, eases access to finance, and cuts down on administrative steps.

Thanks to these innovations, Credify Africa lets SMEs complete international payments swiftly, bypassing usual currency conversion hurdles and banking delays. The company also provides tailored support to help clients manage cash flow and organize their finances efficiently. Additionally, it offers training programs to boost entrepreneurs’ skills in using digital tools.

Before launching Credify Africa, Daniel Kagame Ndahiro built strong financial sector experience. He earned a bachelor's degree in economics and finance from the University of Cape Town in 2011. Ndahiro began his career in 2012 as a director at Camouflage Media. In 2015, he co-founded Shaka Capital, a Ugandan microfinance firm focused on asset financing, which he led until 2018.

This article was initially published in French by Melchior Koba

Edited in English by Ange Jason Quenum

Charles Oligbo, a Nigerian fintech entrepreneur based in the United States, rethinks how banks connect with their customers through digital innovation. He founded and leads Sawport Inc, a company that modernizes banking by creating virtual branches powered by artificial intelligence.

Since its launch in 2021, Sawport developed a platform that replicates physical bank interactions online. The “Virtual Branch” environment allows customers to communicate with advisors in real time via videoconference, eliminating the need for traditional phone calls or emails.

The platform integrates multiple features, including audio and video calls, instant messaging, appointment scheduling, automatic call-back, identity verification, facial recognition, electronic signatures, omnichannel management, real-time translation, and automated multilingual support.

In addition to running Sawport, Oligbo serves on the executive committee of the North American Fintech Coalition. This group supports credit unions and community banks across the US and Canada, advancing technology adoption.

Oligbo holds a bachelor’s degree in computer and electrical engineering from the University of Akron and a bachelor’s in computer and information sciences plus a master’s in management information systems from Park University.

He began his career in 2005 with an electrical engineering internship at FirstEnergy, a US utility company. He then worked as a support engineer at IT firm VeeMost Technologies in 2008. In 2013, he became digital project manager for Seattle’s public administration. In 2015, Oligbo took the role of technical director for projects at Wondr Health, supporting digital transformation in Dallas. From 2019, he led implementation at fintech Alkami Technology. Between 2023 and 2024, he managed innovation programs at BSN SPORTS, a US sports equipment supplier.

This article was initially published in French by Melchior Koba
Edited in English by Ange Jason Quenum

Ahmed Zaki focuses on boosting financing access for small and medium-sized enterprises (SMEs) in Egypt. After working in banking, he co-founded Flend to test digital tools that meet the cash flow needs of smaller companies.

Ahmed Zaki, an Egyptian entrepreneur and CEO of Flend, is leading this Cairo-based startup that creates digital financing solutions tailored for SMEs.

Founded in 2022 by Ahmed Zaki, Nehal Helmy, and Saif Edeen El Bendari, Flend provides fully digital short-term cash loans. The platform handles every step—from registration and credit scoring to electronic signatures and installment collection.

Flend links with over twenty technical partners that manage SME value chains across agro-industry, e-commerce, manufacturing, retail, and export. The Egyptian Financial Regulatory Authority officially recognizes Flend as a digital non-bank financial institution.

The startup recently raised $3 million in a seed round that combines equity and debt financing, led by Egypt Ventures. Ahmed Zaki said, “This round allows us to finance SMEs where they do business—within the platforms that drive Egypt’s economy.” He added, "We’ve seen rising demand and are ready to scale our reach."

Flend, Egypt’s pioneering digital lending platform for small and medium-sized enterprises (SMEs), has successfully closed a $3 million seed funding round to digitally transform SME lending in Egypt.

Click the link to read more:https://t.co/NgyopRNeVd#innovationvillage

— InnovationVillage (@innovationville) July 23, 2025

Ahmed Zaki earned a bachelor's degree in international business from the Modern University for Business and Science in Egypt in 2006. He later completed a master’s in financial mathematics at The George Washington University School of Business in the United States in 2017.

He began his career in 2007 at Arab Bank as a corrective loans manager. In 2010, he joined CIB Egypt bank, serving as a market risk specialist, credit analyst, business analysis manager, and commercial analysis director during his tenure.

This article was initially published in French by Melchior Koba
Edited in English by Ange Jason Quenum

Yao Baku uses technology to simplify business operations, automate vital processes, and turn internal company challenges into effective solutions.

Yao Baku is a Ghanaian entrepreneur specializing in financial technology. He co-founded and currently leads Regulon, a start-up focused on streamlining onboarding and automating regulatory compliance.

Founded in 2024, Regulon is building a platform to cut customer onboarding time from weeks down to seconds across African and European markets. The platform centralizes compliance checks and lowers the costs tied to these procedures.

Regulon offers several automated tools. Its platform features an identity verification system that checks companies and beneficial owners against over 140 official registers and multiple data sources to verify entity legitimacy. It also includes a compliance analyzer and a fake-document detection system. Additionally, the platform assesses the online presence and activities of client firms.

Regulon employs "Artificial Narrow Intelligence," a focused AI that collects, synchronizes, and verifies documents. A virtual agent named Rosa manages this process, automating onboarding decisions and ensuring proper data handling.

Before Regulon, Yao Baku co-founded Pennysmart, another fintech start-up, in 2018, where he served as chief growth officer until 2022. He earned a Bachelor's degree in Real Estate from Kwame Nkrumah University of Science and Technology in 2015. Later, in 2022, he completed a postgraduate diploma in Information and Communication Technology from the Ghana Institute of Management and Public Administration.

In 2020, Baku joined Flutterwave as a Product and Growth Associate. From 2022 to 2024, he worked as product manager at London-based Verto, a payment solution helping businesses send funds internationally.

This article was initially published in French by Melchior Koba

Edited in English by Ange Jason Quenum

Ronald Chaula, a mobile development engineer from Dar es Salaam, Tanzania, is redefining digital payments across East Africa.

In 2023, Chaula launched PesaLock, a fintech startup designed to meet African business realities with secure and seamless payment and financial management solutions.

PesaLock builds tools that allow users to receive payments, track sales, generate real-time reports, and access key services such as inventory management and invoicing. By harnessing mobile and cloud technology, the platform reaches even areas with weak banking infrastructure. Security remains a priority; PesaLock integrates advanced authentication and data protections to address Africa’s growing cybersecurity needs.

The company’s platform connects buyers and sellers through a secure network, primarily targeting small and medium enterprises (SMEs), merchants, and entrepreneurs. PesaLock emphasizes ease of use, speed, and fraud prevention in a region where digital trust still poses major challenges.

Alongside his PesaLock duties, Chaula works as a developer at aSoft Ltd., a Tanzanian software publisher. He holds a computer science degree from the University of Dar es Salaam (2018) and earned a bachelor’s in IT management and programming in 2024.

Chaula gained early experience through internships in 2019 and 2020 in web design and mobile app development, respectively. Between 2023 and 2024, he managed programs and centers before fully committing to his tech venture.

PesaLock earned recognition in 2024 by winning the “Most Innovative and Creative Product” award at Starthub Africa’s Demo Day, highlighting its impact in Africa’s entrepreneurial ecosystem.

This article was initially published in French by Melchior Koba

Edited in English by Ange Jason Quenum

Algeria is turning to its growing start-up ecosystem to help modernize its infrastructure and strengthen national innovation.

On July 9, the government created a joint commission linking the Ministry of Public Works and Basic Infrastructure with the Ministry of Knowledge Economy, Start-ups, and Micro-enterprises. The goal: involve start-ups in designing and executing large-scale infrastructure projects.

The collaboration aims to build a structured framework for start-ups to contribute to projects in railways, guided transport systems, and smart construction site management. At the center of the strategy lies digital innovation, applied research, and knowledge management.

To operationalize this, the government plans to launch exchange platforms and co-development workshops. These will connect start-ups with infrastructure stakeholders early in the process—from planning and monitoring through to project execution. Authorities want to embed local, agile, and cost-effective solutions into the fabric of national infrastructure.

This initiative forms part of the knowledge economy strategy introduced in 2020. Since then, Algeria has created a dedicated Ministry for Start-ups, a "Start-up" label, the Algerian Start-up Fund (ASF), and several incubators and support programs.

Currently, Algeria counts between 5,000 and 8,000 start-ups, with more than 1,200 having received the official “Start-up” label from the National Labeling Commission.

By involving these companies in strategic infrastructure development, the government aims to boost homegrown innovation, reduce technological dependence, and build national capacity. The wider ambition is to create skilled jobs and anchor entrepreneurship around the real needs of the domestic market.

This article was initially published in French by Samira Njoya

Edited in English by Ange Jason Quenum

BusyMed, a South African healthtech startup, is transforming how patients access medicines through its mobile app. Founded in 2018 by Mphati Jezile in Port Elizabeth, BusyMed allows users to order pharmaceutical products directly from their homes.

“BusyMed seeks to solve a challenge that many South Africans face – not having access to affordable and convenient primary healthcare services. COVID-19 has made us all realise the strain our healthcare system is under, which means more services like BusyMed are essential in supporting the struggling healthcare system,” Jezile said in July 2022 to Disrupt Africa. 

BusyMed integrates local pharmacies on its platform so patients can check real-time stock, place orders, and receive medicines within hours. The app also lets users submit prescriptions, consult healthcare professionals, and make secure payments.

The platform especially serves people in rural and remote areas, where medicine shortages and long waits at pharmacies are common. BusyMed’s model digitizes the entire pharmaceutical supply chain, building an integrated system around community-based healthcare.

Beyond delivering medicine, BusyMed plans to expand its app with teleconsultation and treatment management features. “Our goal is to offer primary healthcare businesses in the public and private sector the technology and resources they would need to serve the communities they are based in, and beyond, from the comfort of the patient’s home, at an affordable price,”  Jezile emphasized. 

This article was initially published in French by Adoni Conrad Quenum

Edited in English by Ange Jason Quenum

Richard Nischk has built his career around new technologies and their impact on business-to-customer communication. Today, he leads the charge in transforming how companies engage with customers on social media.

Nischk, a South African entrepreneur, co-founded and now serves as CEO of Cue, a startup specializing in AI-powered customer service solutions.

Founded in 2015, Cue developed a platform that lets companies manage and automate customer interactions across WhatsApp, Facebook Messenger, web chat, and Instagram—all from one unified interface. The platform aims to deliver fast, personalized, and efficient service while cutting response times and operational costs.

Cue’s technology integrates advanced chatbots and AI conversational agents. These tools handle routine requests, tailor responses, and adapt to each customer by analyzing conversations. The platform also provides detailed analytics to monitor every interaction, measure customer satisfaction, and boost support performance.

In 2024, Cue launched its AI Agents service—virtual assistants that understand natural language and learn from companies’ internal documents to offer more precise and autonomous support. Cue now serves hundreds of clients across South Africa and Europe. Its team of over 40 employees operates in 10 cities across 5 countries.

Before Cue, Nischk founded Forecast Raincoats in 2013 and co-managed it until 2023. The company produces and sells its own raincoat brand in South Africa.

Nischk earned a bachelor’s degree in social dynamics from Stellenbosch University in 2010. He also holds a postgraduate degree in business management from the University of Cape Town, obtained in 2013.

He started his career at Panacea Mobile, a communications tech company, managing accounts. In 2015, he joined Continuon, a smart marketing solutions firm, where he served as a non-executive director until 2021.

This article was initially published in French by Melchior Koba

Edited in English by Ange Jason Quenum