The Mobile Money Revolution
Welcome to the 10th edition of the AXIAN Group newsletter!
Ever wonder what a fisherman in Tanzania and a street vendor in Senegal have in common? More than you think. It's all about money—but not in the way you might expect. This month, we're exploring the very real-world impact of the fintech revolution, which is reshaping lives and economies across Africa.
The African fintech scene has been bustling since 2018, with total funding across all tech sectors growing significantly from around $1.2 billion in 2018 to a peak of $6.5 billion in 2022[1]. This surge has made fintech the driving force behind the continent's financial services landscape, with the rise of mobile money platforms, often spearheaded by telecom companies. The immense potential of these platforms has catalyzed a new era of innovation and financial inclusion.
To delve deeper into this phenomenon, we sit down with Elias Yazbeck , Chief Operating Officer of Axian Open Innovation & Fintech . A passionate advocate for the transformative power of technology, Elias is a firm believer in its ability to drive financial inclusion, prosperity, and economic growth across the globe. We explore with him how fintech and mobile money are reshaping the financial landscape and creating opportunities for millions who were previously unbanked.
Redefining financial inclusion
"When many people and studies talk about financial inclusion, they often focus on how many individuals have a bank or mobile money account," Elias explains. "For me, it's about so much more. It’s about providing key financial services, products, and offerings that empower the majority of the population and small-to-medium enterprises (SMEs) to conduct their daily activities without friction or the reliance on cash.” He highlights the rapid global shift toward a digital economy, noting that a significant portion of the population is still left behind without access to the necessary tools. "Financial inclusion is about putting a digital wallet in the pocket of every individual and merchant, that gives them the power to go about their day, paying bills, buying goods, sending money without having to think how to. With just a tap or two, they can transact seamlessly, which vastly improves their quality of life and business operations."
Fueling Economic Growth
Elias strongly believes that financial inclusion is a key driver of accelerated economic growth. "The two are intrinsically linked," he asserts. "In most emerging and developed economies, 95% of GDP is driven by small and medium businesses."
He points out that the vast majority of these businesses lack the ability to sell online, accept diverse payment methods, or transact with suppliers in different currencies. "This essentially shrinks their world, limiting their potential. Financial inclusion is designed to solve this problem."
"The moment you use fintech to expand the pie of opportunities for these businesses, the entire economy benefits," he concludes. "We’ve seen this trend play out over many years, and it's why we’re so passionate about building these products."
Burned bridges rebuild by fintech?
"Traditional banks have and will continue to serve a critical purpose," Elias211q begins. "They've historically provided the foundational infrastructure and regulatory guidance in most markets." However, he notes that they've left a significant gap by focusing on higher-income, urban populations that are easier to serve, have a lower risk profile, and offer higher revenue potential.
"Historically, nobody challenged the dominance of cash, and people just got by," he says. "But we've reached a point where that's no longer acceptable." Unfortunately, most banks have struggled to transform their processes, infrastructure, and economic models to serve a broader segment of the population and SMEs.
"This is where mobile money and fintechs have stepped in to bridge the gap," Elias explains. "They've offered tailored products and services that meet the needs of the masses, all while being able to serve customers at a much lower cost, which is crucial for profitability." He believes the relationship is now more collaborative, with banks and fintechs partnering to offer a comprehensive, widespread financial ecosystem.
Is the fintech revolution a traditional bank killer?
"My short answer is yes, it will be," Elias states definitively. "We're seeing it right now. Look at Nubank in Brazil or Revolut in Europe. Even in markets where banks already served everyone, these new, digitally native fintechs have revolutionized the industry simply by providing better service, easier user experiences, and a deeper understanding of customer needs."
The more nuanced view, he says, is that some banks are realizing this and are taking action. The ones that will survive are either transforming their operating model—often too slowly—by creating digital-first arms and apps to compete, or partnering with fintechs.
"These partnerships are about playing to each other's strengths," he explains. "Banks handle the large-scale corporate systems and robust infrastructure, while fintechs manage the smaller merchants, individual risks, and the processing of daily transactions. We are complementing each other to achieve the same objective: the war on cash and a more digitally and financially included world."
What makes mobile money so special?
"I believe there are two key factors," Elias explains. "First, particularly in Africa, the rapid growth of digital inclusion—access to data connectivity, 3G, and 4G networks—has been a massive catalyst. As more people acquire smartphones and faster internet speeds, they can more easily adopt and intuitively use digital-native experiences." This widespread connectivity has opened the door for mobile money operators and fintechs to thrive where traditional banks have not.
"Second, you have the phenomenon of technology leapfrogging traditional banking infrastructure," he continues. Mobile money providers have proactively built connectivity rails within a wider ecosystem, something banks largely neglected due to their narrow customer focus. This combination has allowed mobile money to achieve remarkable reach.
"The latest statistics show that around two billion mobile wallets have been registered across Africa," he says. "This means people, on average, have more than one. Roughly half of the African population uses some form of mobile money at least monthly. This represents education at a massive scale."
Elias concludes by stating their next challenge: "Our role now is to add more products, services, and experiences to this 24/7 ecosystem, making it even more intuitive and useful for people to do more within it.”
The next frontier of user experience
"Traditionally, mobile money has been about basic services: peer-to-peer transfers, bill payments, and airtime top-ups," Elias says. "But that's no longer enough. The industry is now focused on creating a richer user experience by offering services that truly empower people."
He highlights the shift toward more advanced financial tools. "How can we enable people to take a small loan for their daily needs? How can we help SMEs sell their products digitally without needing a physical presence? How can we use data to empower them to make smarter business decisions?"
"This is the core of true financial and commercial inclusion," he emphasizes. "We're moving beyond basic mobile money and becoming a digital bank in practice, if not always in name."
The natural evolution to investment platforms
"When I mention loans, I'm speaking about the broader category of financial services," Elias clarifies. "We're integrating a full suite of products: savings, lending, international transfers, and payments. And yes, investment is absolutely part of that evolution. It's not a future conversation; it's already happening."
Elias points to Southeast Asia as a bellwether for Africa. "Countries like the Philippines and India are at least five to ten years ahead of the African fintech revolution. If you look at what drives their user base, it's no longer just transfers or cash-in/cash-out. Those are commodity services now."
He continues, "Their platforms have integrated fractional stock purchases and even gold-backed savings products. It's a reality, and we're already seeing it in places like Tanzania, where we've integrated investment products."
However, Elias acknowledges a key challenge in Africa: "The majority of the population isn't yet comfortable with the concept of digital investing. They understand tangible assets like land or a house. So, our challenge is twofold: How do we translate these traditional investment concepts into a digital mobile money context, and how do we educate and build the trust needed for people to embrace these new opportunities?"
He concludes with a bold statement: "Don't think of a digital bank as just a license; think of it as the experience and the services offered. We have a full banking license in Madagascar and are a digital bank. This isn't just a strategy—it's who we are becoming: don’t think of digital banks as regulation, think of it as experience.”
Filling the education gap
"This is a bit of a chicken-and-egg question," Elias says. He believes that while formal training, like in-person sessions or online videos, has some impact, it doesn't scale well. "In Africa, people trust what their friends and family are doing. If someone like you, Michael, uses a service and it works, others will ask you how to do it. This informal training is far more powerful."
He outlines a three-pronged approach for effective education and adoption:
Formalizing or Boosting the Informal Economy?
"There's definitely a significant economic impact, and we see it in markets that are ahead of the curve in terms of digital adoption," Elias says. He offers a powerful example: a fisherman in Egypt who used AXIAN's merchant platform.
"This fisherman was previously limited to selling his catch within his immediate neighborhood," Elias explains. "Suddenly, he started receiving orders from much farther villages and towns." The platform also allowed him to secure a loan to invest in and grow his business. "It’s a virtuous cycle. It's about more than just replacing cash transactions; it's about being a destructive force that creates real value for everyone."
He points to Senegal as a prime example of this transformation. "Digital spending in Senegal crossed $100 billion in 2024, which is now larger than remittances. Not long ago, cash was completely dominant there. It’s not that cash has disappeared, but rather that digital money has grown alongside it, enabling more and more businesses to thrive." The key, he stresses, is for fintechs to focus on addressing customer needs and driving real progress, not just emulating competitors or profiting from simple transactions.
Addressing the Gender Gap
"I'm sad to say that the gender gap hasn't been bridged as much as we'd like it to be, despite the tremendous progress we've made as an industry," Elias states. He believes more work is needed, not only for the sake of equality[ENKéC1] and equity but also for the economy.
"We can't claim to have achieved true financial inclusion when half the population is excluded," he asserts. He then references compelling data: "The statistics don't lie. When you financially empower women, the impacts on communities and the economy are profound."
He offers an example from Togo, where women are the primary entrepreneurs crossing borders to trade goods. "They invest in their businesses, their families, and their communities, helping to grow economic prosperity in a way that is often more direct than when men are given the same opportunities." Elias explains that while not all men, a portion of them may spend their money on non-productive things, while women are more likely to nurture and build their business and family ecosystems.
"Closing this gender gap isn't just the right thing to do; it’s a smart business decision and a driver of economic prosperity," he emphasizes. "At Axian, we have a mission to build products and services that address the needs of all groups, including women, who are often a minority in our current target segments. We need to serve people like Loretta and Elizabeth just as well as we serve Michael, even if their needs are different."
An Evolutionary Perspective
"Historically, mobile money and fintechs have focused on building a foundational layer of services, like transfers and bill payments, to operate alongside cash," Elias explains. "There's a perception that mobile money is just a basic service, distinct from traditional banking. This perception needs to evolve."
He believes it's crucial to change the market's mindset. "Now, you should be able to do everything through your mobile money account—no need for a traditional bank or cash. This is a natural cultural shift that happens as we roll out more products and services."
Elias stresses the importance of maintaining trust. "When you deal with money, trust is non-negotiable. People need to know that their money is safe in our digital ecosystem." He concludes that while some cultural aspects, like trust, must remain constant, the industry needs to be "more embedded into everybody's life" by innovating faster and offering more use cases.
The myth of the Super App?
"You're asking all the billion-dollar questions," Elias quips. He quickly zeroes in on two major frontiers for the African continent.
First, the rise of stablecoins and CBDCs is already changing how business is done. "This is no longer a future frontier; it's a reality that will completely change the way we operate. Whether it's for remittances, foreign exchange, or payments, we must be cognizant of this shift."
Second, he points to AI. "We at AXIAN are rebuilding a lot of our code and products to be more AI-native." AI, he says, is being used for everything from automating customer service and improving credit scoring to innovating new products that were previously impossible.
As for the term "super app," Elias has a strong opinion: "I don't like the term super app. It came from companies like Ant Financial and Tencent in China, where they operate in a captive market of 1.5 billion people who share a similar culture and ecosystem."
He argues that in a continent as culturally and economically fragmented as Africa, the super app model is a fallacy. "What we're building is an ecosystem, not a super app." He believes the winners will be those who master the art of partnerships and ensure their mobile money platform is the primary way people interact with that ecosystem.
Evolution of Mobile Money: A Collaborative Ecosystem
Elias explains the essential roles of different players in the financial ecosystem: "Telcos bring infrastructure and distribution, banks bring balance sheet strength, and startups bring agility and innovation. While this is an oversimplification, these are the key differentiators."
He highlights AXIAN’s unique position at the intersection of these three forces. As part of a larger group with a telco, they can leverage a strong distribution network. They also maintain the agility of a startup and partner with banks on lending and balance sheet management. "This is not just a possibility; it's a necessity for sustainable growth," he says. "Rather than competing on every front, we can collaborate and grow the market together."
He also touches on the dual nature of regulation. "Regulation is a double-edged sword. It's meant to protect customers by ensuring security and accountability, which is absolutely esential. However, it becomes problematic when regulators dictate market dynamics, as this often stifles innovation and makes investment more difficult."
A Seatbelt: Trust Is Everything
Elias emphasizes that trust is the single most important factor in the financial sector. "People are entrusting you with their entire life savings," he says. "If you cannot deliver an experience they can trust, you've failed."
He states that security measures like risk, fraud, cybersecurity, and data privacy are not "nice-to-haves" but "must-haves." "I'd rather not grow as fast if it means compromising on risk and fraud prevention," he states. "This is a moral and ethical responsibility." He notes that AXIAN invests heavily in cybersecurity and compliance, always working to stay one step ahead of attackers. "It's a constant race."
Africa Taking the Fintech Shape
"I see us as a catalyst," Elias says, describing his role in the African fintech landscape. He explains that AXIAN operates at the intersection of telcos, banks, and traditional fintechs, helping to connect the ecosystem. "We have a responsibility to be a catalyst for digital inclusion."
He mentions their efforts to create blueprints in markets like Madagascar and Tanzania, which can be replicated across the continent. "Our role is to connect all the dots into a pan-African fintech fabric.
The Next Revolution: AI and Payment Rails
When asked about the future of fintech, Elias points to two key areas.
First, AI. "We are barely scratching the surface of AI's use cases and applications," he says. He believes AI will continue to be a crucial element for future innovation.
Second, he highlights the "boring" but transformative topic of real-time payment rails. "Look at markets like India with UPI or Brazil with Pix," he says. These systems allow for instant transfers and full interoperability, making payments a seamless, background process. "For people to stop seeing payment as a friction, we need instant settlement rails at a country or even a continental level. This is the single biggest element that will drive the next frontier of embedded finance and other use cases."
The MIXX Brand
"We've rebranded recently," Elias says, "and our responsibility now is to ensure people equate the MIXX brand with trust." He notes that the brand's success will be directly tied to the value proposition they build. "It's too early to rest, but we have very promising signs that people love the brand."
At the initiative of GSMA , AXIAN Group, alongside fellow G6 members (MTN and Orange), took part in a high-level meeting at the African Union headquarters with the AU Commissioner for Infrastructure and Energy and key institutional stakeholders.
The meeting provided a strategic platform to strengthen dialogue between Africa’s leading telecom operators and policymakers, with a shared objective: accelerating the continent’s digital transformation under Agenda 2063 : The Africa We Want.
As a committed pan-African group, AXIAN Group reaffirms its belief that connectivity is a critical driver of socio-economic growth for Africa’s 1.4 billion citizens.
Hassan Jaber , CEO of AXIAN Telecom , together with Hannafi Cissé , the newly appointed CEO of Yas Senegal , conducted a courtesy visit to the ARTP Senegal (Regulatory Authority for Telecommunications and Posts of Senegal).
The meeting served as a platform to discuss key issues regarding the balance and development of the electronic communications market, which will be reviewed in detail in the coming days.
Mr. Dahirou THIAM , Director General of ARTP, commended the strong trust and constructive collaboration between the regulator and all stakeholders, highlighting YAS Senegal, an AXIAN Telecom brand and a strategic partner dedicated to the sustainable growth of Senegal’s telecommunications sector.
AXIAN Group is proud to contribute to the 45th SADC Summit of Heads of State and Government in Antananarivo.
As the official energy partner, our AXIAN Energy division, through its subsidiaries Jovena and NEA , is providing reliable and tailored solutions aligned with the summit’s theme focused on energy transition. To ensure seamless and efficient connectivity throughout the event, AXIAN Telecom and its brand Yas Madagascar are actively supporting by delivering dedicated connectivity packages.
AXIAN Energy and Sika Capital Management, LLC announce the construction of 4 solar power plants in Benin.
This marks AXIAN Energy’s first operation in the country, representing a new milestone in its commitment to fostering an inclusive energy transition across Africa.
The project consists of the construction of four solar power plants strategically located across the country : Bohicon, Parakou, Djougou and Natitingou. With a total capacity of 50 MWac, the plants will supply clean electricity to the equivalent of 50,000 households, directly contributing to Benin’s national objective of achieving 30% renewable energy in the energy mix by 2030.
Mixx Tanzania officially launched its Kila Hatua Mixx campaign in Tanzania designed to accelerate financial inclusion across the nation.
Kila Hatua means « Every Step » in Swahili, and through this campaign, we aim to educate and inspire Tanzanians to become empowered by leveraging digital financial services from Mixx to improve their lives, to increase participation in the digital economy, and to contribute to the nation’s economic growth.. We believe that small, consistent steps add up to significant change, whether it is a mother accessing a Nivushe Plus loan, an entrepreneur paying bills conveniently on the go, or a farmer receiving instant payments on his mobile phone.