Across Africa, a new wave of financial technology is revolutionising how people interact with money. No longer reliant on traditional banks, many individuals and businesses are turning to fintech startups for secure, low-cost, and lightning-fast transactions.
By enabling real-time cross-border payments, multi-currency wallets, and decentralised financial access, these platforms are redefining what financial inclusion looks like. From students paying tuition abroad to small businesses sourcing products across borders, the reach is wide and growing.
Here, Techparley’s Quadri Adejumo speaks with users from across the continent whose lives have been touched, for better or worse, by Africa’s fintech revolution.
Digital Wallets for the Modern Student
Babajide Shodia, a Nigerian studying biomedical science in the United Kingdom, used to dread the tuition season.
“My parents would send money through someone travelling or through banks with terrible exchange rates. It was always risky.”
But through Chipper Cash, John now receives transfers from his family in Nigeria, which Chipper converts into British pounds and deposits directly into his account.
“I paid my rent and tuition using the app this year. I don’t carry cash anymore,” he says. “Everything is on my phone—bills, payments, savings.”
John’s story is not unusual. Many others are using fintech platforms to escape outdated systems. For them, these apps are not a luxury, they are essential.
A Developer’s Office in His Pocket
Janet Lokoso is a freelance web developer based in Lagos. She works remotely for clients in the US, and across Europe, and she’s never needed a physical office.
“I get paid in dollars through LemFi,” she explains. “I can convert that into Naira instantly, and still pay for bills online. All from one app.”
Janet says LemFi’s cross-border support make it her “financial HQ.” For someone who juggles multiple currencies and global clients, traditional banks just don’t cut it anymore.
“I don’t use banks anymore. I don’t go around with cash again. These fintechs aren’t just catching up with banks—they’re leapfrogging them,” she added.
But Not Everyone Is Convinced
Fatima Hassan, a Lagos based nurse is less optimistic. She tried sending money earlier this year and the transaction failed. The money was debited from her account, but the confirmation didn’t arrive until two days later.
“I panicked,” she recalls. “Customer service was slow to respond, and I had to repeat the transfer through my bank just to be safe. That cost me more, but at least it was reliable.”
“These platforms are great when they work. But if they don’t, you’re stranded. These apps still have a long way to go when it comes to accountability.”
Her view reflects a broader concern among some users: that while fintech is fast and flexible, it still lacks the fallback and regulatory security of traditional banks.
Bridging the Old and the New
These diverging experiences point to a larger conversation around trust, access, and digital literacy.
According to a new study by BCG report, Africa’s fintech market is projected to hit $65 billion by 2030. But to sustain that growth, platforms must not only be fast and affordable, they must also be reliable and secure.
Fintech analyst Ogunbi Abimbola believes the answer lies in hybrid models.
“Fintechs shouldn’t aim to replace banks outright,” she says. “They should complement them—build the rails that banks never did, and offer services that match Africa’s mobile-first reality.”
According to Abimbola, when these platforms invest more in compliance, fraud prevention, and user support, they are more likely to scale operations and make experiences easy for users.
The consensus among analysts is that key areas of focus for these platforms include improving transaction reliability, and adhering to regulatory standards across different markets.
