The Group CEO of MTN Group, Ralph Mupita, says Africa is entering a new phase in its digital financial journey, where smartphone-based apps are gradually replacing USSD services that have long powered mobile money transactions across the continent.

He made the comments during a fireside chat at the 2026 3i Africa Summit held in Accra, where leaders in finance and technology gathered to discuss the future of digital finance in Africa.

According to Mr. Mupita, the shift reflects a major transformation in how people access financial services. For many years, USSD technology and basic feature phones helped millions of people send money, save, and pay bills even without internet access. However, he explained that the industry is now moving toward more advanced, app-based systems powered by smartphones.

He said the next stage of growth will focus on “smarter” and more connected financial services. These include digital lending, faster and more seamless payments, remittances, and embedded financial tools within everyday apps.

Mr. Mupita added that the increasing use of smartphones across African markets is a key driver of this change. As more people gain access to internet-enabled devices, they will be able to use richer financial services that go beyond simple mobile money transactions.

He also stressed that this transformation must be supported by strong regulation and consumer protection. In his view, innovation in digital finance will only succeed if it is matched with clear rules and systems that build trust.

“The key is ensuring that innovation is matched with trust and regulation that is clear and forward-looking,” he noted.

The 3i Africa Summit, which took place from May 6 to May 8, was hosted by the Bank of Ghana in partnership with the Ghana Interbank Payment and Settlement Systems (GhIPSS) and the Global Finance & Technology Network (GFTN). It was also supported by MobileMoney Fintech Ltd.

This year’s theme, “The Next Frontier: Shaping Africa’s Integrated FinTech Future,” focused on how African countries can expand digital financial innovation while strengthening trust, inclusion, and cross-border payments.

The summit brought together policymakers, regulators, fintech companies, and investors to explore how the continent can build a more inclusive and efficient digital financial ecosystem as it moves deeper into the smartphone era.