Africa’s Gen Z is driving fundamental changes in financial behaviour and services, shaping the future of banking, payments, and investments across the continent. As digital technologies transform every industry, finance has been one of the most responsive sectors, particularly in Africa. Platforms like M-Pesa, Paystack, and Flutterwave have revolutionized the financial ecosystem, with Gen Z at the forefront of this shift. Their preferences for digital-first solutions and their proactive approach to financial management offer a compelling story of generational transformation.

African Gen Z consumers have embraced digital payments with remarkable enthusiasm. Unlike older generations, who may have been slower to adopt new financial technologies, this generation grew up in a world where smartphones and mobile banking are commonplace. Studies show that Gen Z uses mobile payment platforms 80% more frequently than older generations, reflecting their reliance on digital solutions for everyday transactions. In countries like Kenya, M-Pesa has become a central part of life, and in West Africa, platforms like Paystack and Flutterwave are driving the rapid expansion of digital payments.

By 2024, digital payments in Africa are expected to reach $320 billion, and much of this growth will be fueled by Gen Z. This trend highlights the generation’s affinity for convenience and immediacy, two hallmarks of the fintech landscape. It also signals to brands that payment solutions need to be fast, accessible, and seamlessly integrated into daily life.

While Gen Z may be more associated with spending, this demographic is also making strides toward investing. The African fintech ecosystem has made investing more accessible than ever, allowing young people to invest in stocks, exchange-traded funds (ETFs), and even cryptocurrencies with ease. Platforms like Chaka and Cowrywise have seen a significant uptick in user engagement, particularly among the 18-24 age group.

In 2023, 40% of African Gen Z reported using investment platforms like Chaka and Cowrywise, showcasing their growing interest in wealth-building and financial security. However, there remains a gap between their interest and actual investment behaviour. Data indicates that only 1% of Gen Z’s financial transactions go into investments, while around 14.7% go into savings. Although cryptocurrency remains a popular asset, with 47% of Gen Z investors owning some form of crypto, ETFs have attracted only 15% of Gen Z investors. This gap suggests an opportunity for financial brands to offer more education and tailored services to help Gen Z navigate the complexities of investing.

Financial Literacy: A Priority for the Generation

Financial literacy is an area where Gen Z excels compared to previous generations. A recent survey found that 75% of African Gen Z actively seek financial education. This proactive approach is reshaping how young Africans think about money—not merely as a means of consumption but as a tool for long-term growth and financial independence. The increase in financial literacy initiatives, such as online courses, workshops, and social media campaigns, has given Gen Z the tools to manage their finances effectively.

For brands, this presents a unique opportunity to engage Gen Z by offering products and services that not only meet their financial needs but also provide education. Integrating financial literacy into the user experience—whether through in-app tips, investment tutorials, or personalized financial planning—can make a brand stand out. Gen Z values services that empower them to make informed decisions about their money, which means financial services must go beyond basic functionality and include educational components to gain their trust.

For a deeper dive into the financial habits of Gen Z and the opportunities this presents for brands, download our full report on “Understanding Africa’s Gen Z Consumers.” Explore how this generation is reshaping the financial landscape across the continent and how your brand can stay ahead of the curve; click here to download.

The evolving financial behaviour of Gen Z opens up numerous opportunities for brands in the fintech, banking, and financial services sectors. To connect meaningfully with this demographic, brands need to focus on three core areas: digital-first solutions, transparency, and financial education.

  1. Digital-First Solutions: Gen Z’s reliance on mobile banking and digital payments means brands must prioritize user-friendly, mobile-first platforms. The smoother and faster the user experience, the more likely Gen Z is to engage with the service. Brands that offer seamless, omnichannel financial experiences—from payments to investments—will have an edge.
  2. Transparency: Gen Z places a high value on transparency, particularly in the financial services industry, where trust is paramount. Brands need to be clear about fees, risks, and rewards, especially when offering investment services. This generation is highly sceptical of hidden charges and opaque business models, so building trust through openness is essential.
  3. Financial Education: Gen Z is hungry for knowledge about money, and brands that can integrate financial literacy into their products will build stronger relationships with this audience. Offering personalized financial advice, interactive learning experiences, and accessible investment tools will resonate with a generation that sees financial empowerment as a form of independence.

Actionable Data and the Road Ahead

  • Digital Payments: Gen Z’s adoption of digital payments has outpaced older generations, and by 2024, the digital payment market in Africa is projected to hit $320 billion.
  • Fintech Growth: Fintech platforms have seen a 35% increase in users aged 18-24 in 2024, showcasing a demographic shift toward digital-first financial products.
  • Investments and Savings: Despite only 1% of Gen Z transactions going into investments, the interest is growing. With 40% of Gen Z using platforms like Chaka and Cowrywise, there is significant potential for growth in the coming years.

For brands, the task is clear: to succeed in engaging Gen Z, they must deliver accessible, transparent, and educational financial products. As Africa’s fintech sector continues to grow, Gen Z will play a critical role in shaping its future, and the brands that understand this generation’s needs will be the ones that thrive.

Africa’s Gen Z is not just a consumer segment but a driving force behind the evolution of financial services. Their reliance on digital platforms, interest in investing, and commitment to financial literacy set them apart from older generations. Brands must recognize these shifts and adapt accordingly—those that do will not only capture the loyalty of Gen Z but will also lead the next wave of financial innovation in Africa.