THE Managing Director and Chief Executive Officer of United Bank for Africa (UBA) Ghana, Bernard Appiah Gyebi, has projected that Africa's fintech sector will be worth more than $65 billion by 2030, making it one of the fastest-growing fintech markets globally.
He explained that the continent's rapidly growing working-age population and increasing digital adoption presented enormous opportunities for innovation, entrepreneurship and financial services.
The CEO stressed that by 2035, Africa's working-age population would surpass those of both China and India, positioning the continent as a future leader in digital finance.
Speaking at the maiden UBA Ghana Fintech Conference in Accra, Mr Gyebi urged stronger collaboration among banks, fintech firms, regulators and investors to harness the sector's growth potential and drive financial inclusion across Africa.
Background
The conference was organised to provide a platform for dialogue and collaboration among banks, fintech companies, regulators, technology providers and other key players in the financial services sector.
On the theme, "Banking beyond borders: Driving innovation through fintech partnerships," the conference sought to promote partnerships that can accelerate digital transformation, financial inclusion and economic growth across Africa.
Discussions focused on emerging trends and challenges in the industry, including artificial intelligence, cross-border payments, digital trust and cybersecurity, embedded finance and strategies for expanding access to financial services.
Collaboration
Mr Gyebi said achieving meaningful financial inclusion across Africa would require stronger partnerships between traditional banks and fintech companies rather than competition between the two sectors.
He explained that while banks provide the infrastructure, regulatory compliance and financial intermediation services, fintech firms bring innovation, agility and the ability to reach underserved populations through digital solutions.
He stated that collaboration between banks and fintechs had already accelerated digital adoption, improved customer experiences and expanded access to financial services for millions of people across the continent.
Mr Gyebi stressed that building an inclusive financial ecosystem would also require the active involvement of regulators, technology providers, investors and policymakers.
“No single institution can build the future alone. Banks need fintechs, fintechs need banks, and both need regulators, technology providers, investors and customers working together to create solutions that are secure, scalable and impactful,” he said.
Banks and Fintechs
A Board Member of UBA Ghana, Linda Naa Dzama Quaynor, said the relationship between banks and fintech firms had evolved from rivalry to collaboration, with both sectors now working together to drive innovation and expand access to financial services.
She explained that the era when banks and fintechs viewed each other as competitors was over, stressing that the future of the financial sector depended on partnerships that combined the trust, scale and regulatory strength of banks with the agility and technological innovation of fintech companies.
She added that such collaborations would be critical to building efficient cross-border payment systems, advancing financial inclusion and unlocking the full benefits of intra-African trade under the African Continental Free Trade Area (AfCFTA).
Digital Finance Growth
The Managing Director of Investment Banking at United Capital Plc, Gbadebo Adenrele, said the future of finance in Africa would be driven by collaborative ecosystems that combine capital, technology and infrastructure.
He explained that the continent's young, digitally savvy population, coupled with rising demand for digital financial services, would continue to accelerate fintech growth and deepen financial inclusion across Africa.
He added that stronger collaboration between traditional financial institutions and fintech firms, supported by proactive regulation, would create greater value for customers through more accessible, efficient and affordable financial services.