Africa’s fintech sector may be one of the most dynamic globally, but according to M-PESA’s Head of Product – Digital, Jason Masai, much of that innovation is missing the mark where it matters most, the everyday user.
Speaking during a panel discussion at Africa Fintech Live, Masai pointed to a growing disconnect between the industry’s rapid technological advancement and the real-world needs of consumers.
“There’s a lot of exciting technology that doesn’t work for the ordinary user,” he said, highlighting what he sees as one of the sector’s biggest challenges.
Despite years of innovation in digital payments, Masai noted that sending money across borders in Africa still comes at a significant cost between 8% and 10%.
He said that this continues to limit financial inclusion and the seamless movement of money across the continent.
Cross-border payments remain one of the most compelling use cases for fintech innovation in Africa, particularly as trade, remittances and digital services expand beyond borders. This progress is slowed down by fragmentation across markets from regulatory differences to infrastructure gaps.
Masai added that building new financial products is not enough. The real challenge lies in translating innovation into solutions that are simple, accessible and relevant to users’ daily lives.
For consumers outside urban and tech-savvy populations, this complexity can quickly become a barrier to adoption.
This raises questions about whether parts of the fintech ecosystem are over-indexing on innovation and hype and not solving fundamental user problems.
Masai also talked about the importance of trust in financial services. “Trust is critical,” he said, pointing to the need for consistent and reliable systems as the backbone of any successful fintech product.
While stablecoins are increasingly being explored as a solution for faster and cheaper cross-border payments, Masai suggested that they are not a standalone fix.
He said that the focus should remain on solving core challenges such as usability, integration and trust. These factors will ultimately determine whether any financial technology gains meaningful adoption.
Masai also highlighted the scale at which M-PESA operates. He noted that the platform accounts for a significant share of transaction flows in its markets.This positions it as critical infrastructure within Africa’s financial ecosystem with both the opportunity and responsibility to shape how digital payments evolve.
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Also Read: M-PESA Is No Longer Just Payments as Safaricom Positions it as a National Infrastructure