Lesotho Builds Fintech Foundations as Mobile Money Expands

South Africa has one of Africa’s most developed banking and payments systems, making it a key test market for fintech models that can scale across the continent. The sector is shifting beyond consumer apps toward real-time payments, open banking and merchant software, while the South African Reserve Bank’s Payments Ecosystem Modernisation programme seeks to widen access to shared rails for banks, fintechs and other non-bank providers.

In May 2026, the Fintech Association of South Africa said the Prudential Authority issued Prudential Communication 10 of 2026, clarifying the proposed licensing, governance and safeguarding regime for some non-bank payment activities. The same month, Cape Town-based Stitch raised $25 million in a Series A led by Andreessen Horowitz to expand account-to-account payments and open-banking infrastructure, highlighting investor demand for the plumbing behind digital finance.

Laos has an economy of about $17 billion and GDP per capita of roughly $2,700, and has long relied on hydropower, mining, agriculture and tourism. Limited banking coverage in rural areas has made digital finance critical to closing service gaps. The government is advancing the transition through its National Digital Economy Strategy 2021–2030, while BCEL One from Banque pour le Commerce Extérieur Lao (BCEL) is a major mobile banking service.

A May 23, 2026, review by The Fintech Times found that Laos had about 25 active fintech companies, concentrated in mobile payments, remittances and digital wallets. World Bank data showed that only about 45% of adults had access to formal financial services in 2025, while mobile penetration had already exceeded 70%. The Bank of the Lao P.D.R. has also expanded cross-border interoperability between Lao QR and Thailand's PromptPay and continues to pursue payment integration with Vietnam.

Lebanon’s fintech sector has been forged by financial collapse rather than conventional startup growth. Since banks froze deposits and the currency plunged after 2019, digital wallets, payment processors and remittance tools have expanded to restore basic transactional capacity. The World Bank said e-wallet services were authorized in 2021, yet access remains limited: its Global Findex 2025 showed only 23% of Lebanese adults held an account at a bank, financial institution or mobile-money provider in 2024, up from 21% in 2021.

Banque du Liban issued Basic Decision No. 13790 on Jan. 9, 2026, creating five classes of electronic payment providers and setting capital, annual-fee and operating requirements. The annual charge is 3 billion Lebanese pounds per category; most classes require 50 billion pounds of capital, compared with 25 billion pounds for Category E. In January, the World Bank also approved the $150 million Lebanon Digital Acceleration Project within a broader $350 million package to strengthen public services, digital platforms and data capabilities.

Libya’s fintech expansion is rooted in economic reconstruction after years of conflict, institutional fragmentation, chronic cash shortages and low trust in banks. Oil and gas still generate more than 90% of exports, while GDP per capita is about $7,500, masking sharp disparities in access and recovery. With banking infrastructure thin outside Tripoli, digital payments are becoming a practical route to more efficient government disbursements, broader financial inclusion and a less cash-dependent economy.

A Fintech Times review published April 22, 2026 estimated that Libya has roughly 20 fintech and digital-finance providers, mainly in payments and bank-led services. Internet penetration is about 75%, mobile penetration exceeds 100%, yet only around 40% of adults have a formal bank account. The Central Bank of Libya is expanding POS and card infrastructure, electronic salary payments and mobile wallets, while new rules allow legally resident foreigners to access e-wallets. Visa has also grouped Libya with Egypt and Sudan in a new subregional structure.

Liberia has long relied heavily on cash, with limited access to bank branches outside the capital, Monrovia, and financial exclusion remaining widespread. The country has GDP of about $4.8 billion and per-capita GDP of only around $800, but mobile penetration has reached 70%–80%, providing an entry point for digital finance. About 35%–40% of adults currently have a formal financial account, making fintech crucial to expanding access to payments and financial services for rural communities and small and medium-sized businesses.

An April 20, 2026 report showed that Liberia had only about 20–30 relevant providers, led by Orange Money Liberia and homegrown wallet TipMe. In 2025, the Central Bank of Liberia (CBL) partnered with the Mojaloop Foundation to launch the Instant and Inclusive Payment System (IIPS), an interoperable real-time payment platform. In 2026, the government also announced the Ministry of Posts and Telecommunications’ 2025–2029 “Digital Liberia” plan.

Ghana, with about 34 million people and gross domestic product estimated at $76 billion, has emerged as one of West Africa’s leading fintech markets and a contender beyond Africa’s established “Big Four” hubs. The Digital Ghana Agenda, Ghana Card identity system and expanding mobile broadband have built infrastructure for digital onboarding and financial inclusion. Bank of Ghana’s National Payment Systems Strategy for 2025–2029 adds a policy roadmap for interoperability, open banking and payments innovation.

An April 6, 2026 assessment by The Fintech Times estimates that Ghana hosts about 200 fintech companies spanning payments, lending, insurtech and regtech. Mobile-money transactions reached roughly $300 billion in 2025, with 26.7 million active accounts and more than 80 million registered accounts, while over 80% of adults used mobile-money services. Cryptocurrency transactions topped $10 billion. The market is now expanding into lending, insurance, wealth management, embedded finance and digital currencies as regulators increase their focus on cybersecurity, data protection and responsible lending.

The Gambia, a West African nation of about 2.7 million people with a roughly $2.8 billion economy, remains heavily dependent on agriculture, tourism and remittances. Banking penetration is limited, cash remains dominant, and rural residents, women and informal workers face the widest access gaps. Yet mobile penetration above 100% and rising internet use are giving mobile-first finance a path to broaden inclusion and support economic growth.

The Fintech Times reported on April 4, 2026, that The Gambia had an estimated 10 to 20 fintech firms, mainly serving payments, remittances and basic finance. Central Bank of The Gambia data showed 4.5 million registered mobile money accounts in 2025, including 2.4 million active accounts, despite a population of about 2.8 million. The CBG also launched the Payment Systems Advisory Committee in 2026 to strengthen the country’s digital-payment infrastructure.

Eritrea’s financial system is centrally managed by the Bank of Eritrea, while retail services rely largely on the state-owned Commercial Bank of Eritrea. More than 70% of the population is unbanked, and online banking, ATMs and mobile financial services remain scarce. Digital payments are therefore a key foundation for narrowing the financial-services gap and advancing Eritrea Vision 2030.

The Fintech Times reported on March 30, 2026, that Eritrea had fewer than five fintech or digital financial-services providers and less than $10 million in annual online commerce transactions. Digital payments and e-commerce transactions, however, are estimated to be growing by 15%–20% a year. A mobile wallet from state-owned telecom operator EriTel is emerging as a gateway, but independent startups, venture capital and Open Banking remain almost entirely absent.

Linking the North African and Middle Eastern markets, Egypt’s fintech sector has grown from regulatory experiments and an emerging startup scene into one of Africa’s “Big Four” ecosystems. FinTech Egypt counts more than 177 fintech startups and payment service providers across more than 14 subsectors. Backed by Egypt Vision 2030 and the Central Bank of Egypt (CBE), the industry has become a key driver of financial inclusion and economic digitalization.

The Fintech Times published its review on March 28, 2026. Egypt has more than 116 million mobile subscriptions, 90 million internet users and over 54 million active users of digital financial services. The market is projected to grow from $765 million in 2024 to nearly $2.9 billion by 2033. The CBE issued licensing rules for payment providers in 2025, while Visa partnered with MNT-Halan in 2026 to expand card issuance and digital payments.