Lessons from Fintech

Those who have spent time in Africa know that its youth are amongst the world’s most agile and entrepreneurial digital navigators. Walk through the bustling streets of Nairobi or Kigali, and you will see a generation that has leapfrogged the era of brick-and-mortar banking. You’ll see young people tapping on smartphones to manage crypto portfolios via mobile wallets, as well as market vendors with simple phones using USSD to check their account balance and send money to their family at home. Across the continent, youth are solving the problems of traditional finance by moving their entire economic lives onto their phones.

Yet, true financial inclusion remains a steep climb. Globally, youth are 33% less likely to have a savings account than adults and 44% less likely to save in a formal institution. In Africa, where saving-account penetration for youth is just 12%, the barrier is not a lack of ambition, but a system often defined by high transaction costs and legal restrictions.

––but across the continent, young people are solving the problems of traditional finance by moving their entire economic lives onto their phones.

Global players are taking notice; for instance, the crypto platform Binance is expanding its footprint to introduce digital assets like Binance Junior to the next generation. But as I watch this digital revolution unfold, it raises a critical question: If fintech has already transformed transactional banking, what will it take to do the same for long-term investments in a person’s future?

What we see today is a revolution for transactions, focused on moving money rather than building human capital. We see positive steps through apps like Fingo Africa, which allows users to open bank accounts and make payments directly from their phones. However, while a young person can now easily access a digital wallet, they still hit a brick wall when trying to finance education and training programs. The few traditional tools that do exist are still stuck in the past, demanding collateral or co-signers that most vulnerable youth simply do not have.

We must also acknowledge the darker side of this rapid digitization. Predatory mobile lenders have flooded the market, offering high-interest, short-term loans with aggressive collection tactics. For many young people, these apps are a trap rather than a tool, leading to debt that damages their credit early in their adult lives. When a financial “tool” requires fixed payments regardless of whether a student has secured a job or is facing a family emergency, it becomes a weight that prevents economic mobility rather than a wing that enables it.

To turn Africa’s demographic potential into a global engine for innovation, we must harness the spirit of fintech to create legacy capital, allowing young people to pursue opportunities that provide long-term mobility. This means applying the best of digital finance–transparency, accessibility, and real-time data–to a model that only succeeds once the borrower succeeds.

At Chancen International, our outcomes show that when provided with fair financing, young people are a highly investable asset class.  As highlighted in our 2025 Impact Report, we have supported nearly 9,000 young people across Rwanda, Kenya, South Africa, and Ghana––two-thirds of whom began their journey in households living on less than $2.00 a day. With a 94% graduation rate and 3.46x average income multiple, the data shows that by removing the barrier of upfront costs, we are doing more than just providing a loan. We are breaking cycles of poverty, increasing lifetime earnings, and providing a verified entry point into the global economy.

Moving forward, we are leveraging the best of digital fintech to reach even more young people through Chancen Companion. This digital platform allows young people to explore career paths, browse financing options using conversational chatbots to understand contract terms at their own pace, and manage their financing and repayment easily. Through this tool, users will be able to build the financial literacy and credit scores that set them up for a lifetime of success.

By aligning financial tools with the digital prowess of Africa’s youth, we have an important opportunity to ensure that traditional barriers no longer stand in the way of brilliant minds. We look forward to a future where fair, accessible finance is the norm, equipping every young person to transition from potential to prosperity.