Digital advancements won't displace African financial consultants. Instead, they'll broaden opportunities for financial guidance.

In the vibrant city of Lagos, the much-anticipated Moonshot event is set to return on October 15-16, gathering top founders, creatives, and tech leaders under one roof. This event promises to be a vibrant display of innovation and progress in the African financial landscape.

One such innovator gracing the event is Yomi Ogunleye, the co-founder and CTO of HerVest, an inclusive fintech company. With over 13 years of experience in product and engineering across the financial and technology sectors, Ogunleye's insights into the future of African finance are highly valued.

As technology continues to revolutionise the financial industry, it's crucial to establish guardrails that ensure a harmonious coexistence of technology and humans. This is particularly relevant in the African context, where trust remains a significant currency in finance. Many Africans remain wary of financial institutions, often relying on word of mouth, informal lending groups, and trial and error when making decisions about saving, investing, or borrowing.

One company bucking this trend is TymeBank in South Africa, which provides digital support to 10 million customers. However, trust remains a challenge, and efforts are being made to address this issue. The Federal Competition and Consumer Protection Commission (FCCPC) in Nigeria, for instance, has shown quick movement on digital lending.

The EFInA Access to Financial Services in Nigeria (A2F) 2023 Survey reveals that 64% of adults are financially included, a promising statistic for the future of African finance. Yet, only 27% of adults in Sub-Saharan Africa have basic financial knowledge, highlighting the need for education and awareness.

The rise of fintech in Africa is undeniable. PiggyVest, a fintech company, boasts over 7 million users and an average savings of ₦25,000 every second as of 2024. Similarly, Bamboo and Risevest provide retail investors with access to global markets, with Bamboo boasting over 500,000 users and Risevest processing US$42 million in investor payouts.

Cowrywise, another fintech company, allows users to start saving with as little as ₦1,000, further democratising access to financial services. The future of financial advice in Africa will be a combination of man and machine, with technology handling scale, automation, and data-driven insights, and humans providing empathy, trust, and cultural understanding.

However, the grey zone in which robo-advisors and digital investment platforms often operate requires clear rules to prevent a two-tier system. As digital platforms could become the main source of advice for retail investors globally by 2028, it's essential to establish these rules now.

One company in Equatorial Africa that reached more than 7 million users in 2024 with special digital savings storage remains unidentified in the provided search results. The future of African finance is promising, with a blend of tradition and innovation shaping the way Africans save, invest, and borrow.

In Sub-Saharan Africa, only 49% of adults had a bank account in 2022. Yet, with the rapid growth of fintech companies and the increasing trust in digital platforms, this number is expected to rise significantly in the coming years. McKinsey analysis estimates African fintech revenues at $4-6 billion in 2020 with penetration levels of 3-5 percent (excluding South Africa), a testament to the potential of the African financial market.

Safaricom's M-Pesa handled 37.15 billion transactions worth $296.8 billion in 2024, with machine learning tools actively preventing fraud. As technology continues to play a more significant role in African finance, it's crucial to ensure that it's used responsibly and ethically, fostering trust and inclusivity.

The Moonshot event in Lagos promises to be a significant step in this direction, bringing together the brightest minds in African finance to discuss, debate, and shape the future of the industry.

Digital advancements won't displace African financial consultants. Instead, they'll broaden opportunities for financial guidance.