Africa’s digital finance landscape could be a global benchmark in 10 years from now
6 min read
Verto, a leading cross-border payments provider, has reaffirmed its commitment to driving financial inclusion and regional economic integration across Africa. The company says it has a clear vision for the continent’s digital finance landscape and that, 10 years from now, Africa could be seen not just as an adopter but as a true global leader in financial innovation and inclusion.
Speaking at a recent panel discussion “Digital Finance: The Next Wave” hosted by KPMG, Cornelius Coetzee, South Africa country director for Verto, shared his insights on how digital finance is revolutionising the continent’s financial landscape.
During the panel discussion, he emphasised the profound impact of digital finance on access to financial services.
“Digital finance has truly been a game-changer. For me, it is about breaking down those walls. We have gone from a world where access meant a physical bank branch – often miles away – to one where essential financial services are right there in everyone’s pocket through a mobile phone.
“This transformation is about real financial liberation, allowing millions of individuals and especially businesses to manage their money, make payments, and access credit in ways that were simply impossible before. It’s fundamentally democratised access.”
He further elaborated on the immense potential of cross-border digital payments and FX platforms in driving regional integration, particularly in the context of the African Continental Free Trade Area (AfCFTA).
“Traditional cross-border payments have been a headache for businesses; they are slow, expensive, and lack transparency. Our white paper even highlighted a 40% reduction in cross-border payment costs through digital solutions. Platforms like Verto are tearing down those barriers. We are talking near-instant settlement, dramatically lower fees, and real-time FX management across 49+ currencies.
“This is not just about moving money; it is about enabling seamless trade across the continent, directly fuelling the spirit of the AfCFTA, fostering real regional economic integration, and making it easier for businesses to grow pan-African leaders. This is how you drive responsible market penetration – by making it genuinely easier and more affordable for businesses to participate across borders.”
Coetzee acknowledged the existing infrastructural challenges such as internet penetration, mobile coverage, and the critical need for universal digital identity systems.
“While mobile phone penetration is impressive, reliable internet penetration and consistent mobile network coverage, especially in our vast rural areas, are still significant hurdles. And then there is the big one: a truly universal and verifiable digital identity system across the continent.
“Without robust digital IDs, things like KYC become incredibly complex, slowing down onboarding and limiting access. These are crucial gaps that prevent us from truly unlocking the full potential of digital finance. “
He stressed the importance of strategic partnerships between telcos, fintechs, banks, and governments to accelerate ecosystem development.
“Telcos bring the raw mobile network power and immense user bases. Fintechs bring agility, innovation, and a laser focus on solving specific payment pain points with digital-first solutions. Traditional banks provide that rock-solid regulatory foundation, deep liquidity, and inherent trust that has been built over decades.
“And governments? They set the entire enabling environment through progressive policy. When these players genuinely collaborate, you get a synergy that can scale solutions at an unprecedented pace, break through regulatory complexities, and build incredibly robust financial ecosystems. Our partnership with commercial banks in South Africa is a prime example of how this works to unlock cross-border capabilities for businesses.”
Looking ahead, Coetzee expressed a strong vision for Africa’s digital finance landscape.
“I truly believe Africa’s digital finance landscape will be a global benchmark in the next decade. I see it as hyper-connected, incredibly interoperable, and deeply embedded into every aspect of daily life and business. Forget physical branches – digital identity will be universal, making KYC seamless. We will see embedded finance everywhere, with financial services ‘invisible’ within other apps.
“Cross-border payments will be near-instant and remarkably affordable, igniting unprecedented regional trade. Access to credit will be massively expanded through alternative data and AI. Africa will be seen not just as an adopter, but a true global leader in financial innovation and inclusion.”
To ensure equitable and inclusive growth, Coetzee highlighted three key pillars:
- Policy: “Regulators must continue to develop harmonised, adaptive, and proportionate frameworks across the continent. We need clarity that fosters innovation while protecting consumers.”
- Product: “We must focus on building inclusive, user-friendly, and highly cost-effective digital financial products that genuinely solve the pain points of all segments – from SMEs to women and rural communities.”
- Partnership: “We need to aggressively double down on public-private collaboration, fostering strong alliances between governments, regulators, telcos, banks, and agile fintechs to scale solutions and build the essential infrastructure across the continent. This is how we drive responsible market penetration – by building the whole ecosystem, not just our piece.”
Image credit: Freepik
