2023 has been a pivotal year for fintech in Africa. Across the continent, technological advancements are not just transforming industries; they are redefining the economic landscape. As we embrace a future powered by digital innovation, fintech is at the forefront of driving financial inclusion, economic growth, and social empowerment. With my journey as a product manager, entrepreneur, and founder of RendCore and Embold Lab, I’ve had the privilege of observing how these shifts are reshaping Africa’s financial and tech ecosystems.
As we move further into this digital age, the question isn’t just about the technology itself but how we can harness it to create meaningful impact. This year, I’ve had the opportunity to reflect on the growing importance of digital skills and the role they play in enabling Africa’s next generation of leaders and entrepreneurs.
Fintech’s Unstoppable Growth in 2023
2023 has seen an unprecedented surge in the adoption of fintech solutions across Africa. From mobile money platforms to peer-to-peer currency exchange systems like the one we’re building at RendCore, fintech is revolutionizing the way people access financial services. But beyond the typical mobile wallet or remittance service, fintech is creating a more inclusive economy by addressing the barriers of high transaction fees, long processing times, and limited access to traditional banking.
Through my work at RendCore, I’ve witnessed firsthand how fintech is driving financial inclusion for unbanked populations, especially in regions with poor infrastructure. In countries like Nigeria, where cash transactions still dominate, digital platforms are not just about convenience—they’re about providing access to financial services for those who have been excluded from the formal financial system.
In 2023, we’ve also seen greater innovation in blockchain technology, decentralized finance (DeFi), and artificial intelligence (AI) integration within fintech. As these technologies evolve, they hold the potential to solve critical challenges, such as cross-border payments, fraud prevention, and financial transparency. The shift to digital is not just about improving customer experience; it’s about creating systemic change that drives greater efficiency and equity.
The future of fintech isn’t just about offering new technology—it’s about offering access and opportunity to all.
Empowering Africa’s Digital Workforce: A Focus on Skill Development
At Embold Lab, I’ve seen the transformative power of digital skills training. As a tech innovation hub, our mission has always been to bridge the skills gap that exists within the African tech ecosystem. In 2023, the demand for skilled professionals in areas such as software development, data analytics, UI/UX design, and digital marketing has skyrocketed. But the challenge remains: how do we ensure that young Africans are equipped with the skills they need to succeed in an increasingly digital world?
This year, we’ve trained hundreds of aspiring tech professionals through hands-on workshops and mentorship programs. By partnering with organizations like the National Association of Nigerian
Students in Diaspora (NANS Diaspora), we’ve reached over 5,000 students, providing them with the tools they need to navigate the fast-evolving tech landscape.
One of the most significant shifts in 2023 has been the growing recognition of digital skills as a key driver of economic growth. As Africa’s digital economy grows, so does the need for a workforce that can build, innovate, and lead. However, it’s not just about coding or digital marketing skills—it’s about developing a mindset that values continuous learning, problem-solving, and creative thinking.
We need to equip young people with a growth mindset—one that allows them to adapt to new technologies, think critically, and approach challenges with confidence. By doing so, we will be preparing the leaders of tomorrow who will drive the digital economy forward.
The Role of Mentorship in Africa’s Tech Ecosystem
As I look back on my own journey—spanning over nine years in Nigeria’s retail banking sector and now leading fintech and tech training ventures—I can confidently say that mentorship has played a critical role in my growth. Throughout my career, I’ve had the privilege of learning from experienced leaders and collaborating with like-minded professionals who have guided me, challenged me, and helped me refine my vision.
In 2023, mentorship has taken on a new dimension, especially in Africa’s tech space. Through Embold Lab, I’ve had the privilege of mentoring aspiring professionals who are passionate about building their careers in tech. I believe that mentorship goes beyond technical guidance; it’s about helping individuals understand their potential and encouraging them to take risks and innovate.
As African fintech and tech companies continue to scale, it’s essential that we also invest in the people who will drive that growth. Through mentorship programs, we can ensure that Africa’s tech ecosystem remains vibrant, innovative, and competitive on the global stage.
The Way Forward: Building a Tech-Enabled Future
Looking ahead, I’m optimistic about the future of Africa’s fintech and tech industries. However, there is still much work to be done. We must continue to build on the progress made in 2023, focusing on three key areas:
- Expanding access to digital infrastructure: As more Africans come online, it’s essential to ensure that they have access to the tools, platforms, and services that can unlock opportunities. Affordable internet access and mobile phones will be the enabler of fintech growth, especially in remote areas.
- Promoting digital literacy and skills development: The demand for digital skills will only continue to grow. As a community, we must prioritize education and training to ensure that young Africans have the skills they need to thrive in the digital economy.
- Fostering collaboration across industries: Fintech is a highly collaborative industry. In 2023, we’ve seen startups, corporations, and government institutions working together to address the challenges facing the sector. By continuing to foster collaboration, we can accelerate the pace of innovation and create lasting solutions for Africa.
Conclusion: 2023 – A Year of Digital Transformation and Empowerment
As we wrap up 2023, one thing is clear: Africa’s future is digital. From fintech to tech skill development, the year has been a testament to the continent’s potential to harness the power of technology to drive economic transformation. At RendCore and Embold Lab, we’re committed to continuing this journey, empowering individuals, fostering innovation, and contributing to Africa’s bright digital future.
In the years to come, I believe we will see an Africa that is not just a consumer of technology but a global leader in digital innovation. By investing in the right people, tools, and infrastructure, we can ensure that the digital revolution is one that benefits all Africans, regardless of their background or location.
About the Author:
Gabriel Iruaga is a tech leader, entrepreneur, and the founder of RendCore, a fintech company that specializes in peer-to-peer currency exchange and international remittance solutions. He also leads Embold Lab, a tech innovation hub that empowers aspiring professionals in software development, data analytics, UI/UX design, and digital marketing. With over nine years of experience in the banking and tech sectors, Gabriel is dedicated to empowering individuals and creating impact through digital innovation. He holds an MSc in International Management with Digital Business from Teesside University, UK, with Distinction.
