Title: Review of fintech regulations and development in Africa

Authors: Mark Yama Tampuri Junior; Isaac Jerry Kwabena Asare; Mohammed Mansa Musah

Addresses: Department of Business Administration and Entrepreneurship, Academic City University College, Accra, Ghana ' Department of Management and Public Administration, Central University Business School, Accra, Ghana ' Department of Accounting and Finance, GCTU Business School, Accra, Ghana

Abstract: The research article examines the fintech regulatory approach in select African countries including Ghana, South Africa, Kenya, Nigeria, and Botswana using a qualitative research approach that incorporates a review of academic journals, books, and government reports. In addition to examining the regulatory approach in the aforementioned African countries, the research delves into the regulatory landscape of fintech in the five countries, outlining the key regulations and regulatory bodies responsible for overseeing the industry. The article also evaluates the effectiveness of the current regulatory framework, highlighting areas that require improvement. Overall, the paper concludes that the regulatory approach adopted by African countries is instrumental in promoting financial inclusion, innovation, and growth in the fintech sector. However, there is still room for improvement in terms of regulatory innovation, coordination among regulatory bodies, and the harmonisation of regulations across different African countries to facilitate cross-border operations.

Keywords: fintech; digital financial services; regulatory approach; financial inclusion; business innovation; Africa.

DOI: 10.1504/AJAAF.2024.140564

African Journal of Accounting, Auditing and Finance, 2024 Vol.8 No.4, pp.335 - 358

Received: 13 Jun 2023
Accepted: 05 Jan 2024
Published online: 23 Aug 2024 *

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