Digital finance transformation and digital financial inclusion in Africa: the promise and challenges

Peterson K Ozili

MPRA Paper from University Library of Munich, Germany

Abstract: Accelerating digital finance transformation initiatives across African countries is essential to develop the African continent. Using the conceptual discourse method and the global findex data, this article explores the on-going digital finance transformation in Africa, the benefits for digital financial inclusion in Africa as well as the challenges that lie ahead. The article emphasises the importance of the digital finance transformation in Africa and urges for coordination with stakeholders to accelerate the use of digital financial services in African countries. It also emphasises the need to balance digital finance transformation initiatives with the risks. This study contributes to ongoing discussions about the role of digital finance in transforming nations.

Keywords: digital finance; financial inclusion; Africa; open banking; digital financial inclusion; fintech; digital public infrastructure; DPI; mobile money; financial literacy; MPesa; eNaira; flutterwave (search for similar items in EconPapers)
JEL-codes: G21 G23 O3 O31 O33 (search for similar items in EconPapers)
Date: 2026
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