⏱️ Key Takeaways!
- Axian Group has rebranded its fintech division to Digibank & Fintech, replacing Open Innovation & Fintech, to drive pan-African digital banking and consolidate its financial services under a unified strategy.
- The group has appointed a high-profile board of directors, including global fintech experts, to steer its expansion and improve governance across key markets like Madagascar, Senegal, and Tanzania.
- With flagship brands MVola and Mixx, the division aims to transition mobile money into full digital banking, targeting individuals, SMEs, and large enterprises to unlock Africa’s digital economy.
Axian Group is doubling down on its ambition to revolutionize digital banking in Africa with a strategic rebrand and a reinforced leadership team. The conglomerate has renamed its fintech division to Digibank & Fintech, signaling a bold push to scale technology-driven financial services across the continent. This move follows a recent consolidation of its fintech brands under Mixx by Yas, unifying operations that were previously fragmented under local partnerships in Tanzania, Senegal, and Togo.
Digibank & Fintech, a strategic rebrand for pan-African growth
The rebrand from Open Innovation & Fintech to Digibank & Fintech isn’t just a name change. It reflects Axian’s commitment to transforming mobile money into comprehensive digital banking solutions. The division now oversees two major brands: MVola, a mobile financial service with deep roots in Madagascar and Comoros, and Mixx, a digital banking platform expanding across Senegal, Tanzania, and Togo.
According to Hassanein Hiridjee, CEO of Axian Group, the new identity aligns with a broader vision: “Technology and finance must empower every African.” The goal is clear—build an integrated fintech ecosystem that serves everyone from individuals to large corporations, bridging gaps in financial inclusion. This rebrand comes at a critical time, as Africa’s fintech sector is projected to grow at a compound annual rate of 13% by 2028, per a 2023 report by McKinsey & Company.
“This new name embodies our deep conviction: technology and finance must be tools for empowerment for every African. We want to unlock the full potential of the continent’s digital economy and provide everyone with the means to build their future.”
— Hassanein Hiridjee, CEO, Axian Group
A powerhouse board to drive fintech innovation
To accelerate its expansion, Digibank & Fintech has assembled a star-studded board of directors, combining decades of global expertise in finance, technology, and regulatory governance. The new appointees include:
- 🔹 Karim Tadjeddine (TMoney SA, Togo): A former McKinsey partner and co-founder of Partech Impact, bringing 16 years of strategic advisory experience.
- 🔹 Henri Rabarijohn (MVola, Madagascar): Ex-Governor of the Central Bank of Madagascar and former IFC executive, with deep insights into African financial systems.
- 🔹 William Nkontchou (TMoney SA, Togo): Harvard-educated financier and co-founder of the Africa Financial Institutions Investment Platform (AFIIP).
- 🔹 Brad Jones (Mixx, Tanzania): A mobile money veteran who scaled Wave Money in Myanmar and led PayMe in Hong Kong.
- 🔹 Georg Hauer (MVola, Madagascar): Former CFO/COO of Hawk and a key leader in the growth of Europe’s digital bank N26.
Erwan Gelebart, CEO of Axian Digibank & Fintech, emphasized the board’s role in shaping the division’s future: “We are honored to welcome leaders who have shaped fintech ecosystems globally.” Their collective experience—spanning mobile money, digital banking, and regulatory frameworks—positions Axian to navigate Africa’s complex financial landscape.
“Africa is on the cusp of its second fintech revolution. After pioneering mobile money 20 years ago, the continent is now ready for the next step: offering full banking access to millions of people.”
— Georg Hauer, Board Member, MVola
From mobile money to full digital banking
Axian’s strategy hinges on evolving mobile money—a service that has already transformed financial access for millions—into full-fledged digital banking. With MVola processing over 12 million transactions monthly in Madagascar alone (per 2023 data from Banque Centrale de Madagascar), the potential for scaling is immense. The Mixx platform, meanwhile, is designed to offer savings, credit, and payment solutions, catering to underserved segments like SMEs and informal businesses.
The consolidation under Mixx by Yas in late 2024 was a critical first step. By unifying brands previously tied to local telecom partners (such as Tigo in Tanzania and Free in Senegal), Axian eliminated fragmentation, creating a seamless experience for users across borders. This approach mirrors trends in markets like Kenya, where M-Pesa expanded from mobile money to offer loans and micro-insurance, now serving over 50 million active users.
Why this matters for Africa’s digital economy
Axian’s push into digital banking arrives as Africa’s fintech sector faces both opportunities and challenges. While mobile money penetration exceeds 60% in markets like Kenya and Tanzania (per GSMA’s 2023 State of the Industry Report), only 48% of adults in Sub-Saharan Africa have a bank account, according to the World Bank’s Global Findex 2021. This gap is what Digibank & Fintech aims to close.
The rebrand and board appointments send a strong signal: Axian is not just another player in Africa’s crowded fintech space. It’s positioning itself as a pan-African leader, leveraging local expertise, global insights, and scalable technology to redefine financial services. For entrepreneurs, SMEs, and unbanked populations, this could mean easier access to credit, savings tools, and cross-border transactions—key drivers for economic growth.
The road ahead: Scaling impact across Africa
With operations in Madagascar, Comoros, Senegal, Tanzania, and Togo, Digibank & Fintech’s immediate focus will be on deepening penetration in existing markets while exploring expansion into Francophone and Anglophone Africa. The board’s diversity—spanning Europe, Asia, and Africa—will be crucial in tailoring solutions to local needs while maintaining global standards.
Yet, challenges remain. Regulatory hurdles, cybersecurity risks, and competition from incumbents like MTN’s MoMo and Orange Money will test Axian’s resilience. However, with a clear vision, a reinforced leadership team, and a proven track record, the group is well-equipped to navigate these obstacles. If successful, its model could set a new benchmark for digital banking in Africa—one that prioritizes inclusion, innovation, and scalability.
A fintech revolution in the making
Axian’s bold moves reflect a broader shift in Africa’s financial sector. The continent is no longer just a testing ground for mobile money—it’s becoming a hub for full-spectrum digital banking. For Cameroon and other African nations watching closely, Axian’s strategy offers a blueprint: consolidate, innovate, and scale.
As Georg Hauer noted, Africa’s fintech journey is entering its second revolution. The first was about access; the next will be about empowerment. With Digibank & Fintech, Axian isn’t just betting on the future of banking—it’s helping to build it.
