Regulating Africa to encourage embedded finance innovation

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</div> </div>  <div class="mb-20px"> </div>  <img id="ctl00_ctl00_body_main_ArticleForm_imgArticle" src="../../finextra-images/oped/1144.jpg" alt="Regulating Africa to encourage embedded finance innovation" style="border-width:0px;" />  <div class="button button-secondary content-box mobile" ><h4>Contributed</h4><p>This content is contributed or sourced from third parties but has been subject to Finextra editorial review.</p></div>  <div id="ctl00_ctl00_body_main_ArticleForm_pnlBody" class="alt-body-copy"> <p><em>This is an excerpt from the <a href="https://www.finextra.com/researcharticle/316/future-of-embedded-finance-in-africa-2025?utm_source=finextra&utm_medium=article&utm_campaign=finextra-paper-10102024" target="_blank" rel="noopener"> Future of Embedded Finance in Africa 2025</a> report.</em></p> <p>Embedded finance has the potential to provide more Africans with financing which meets their specific needs, in a more direct fashion. However, it is imperative that this is done in a way which is safe and beneficial to all consumers.</p> <p>At the core of all financing options should be the financial health of the consumer. This is why regulating embedded financing is important for consumer protection. However, a balance should be struck between protecting consumers and encouraging innovation.</p> <p>To explore this, we looked at some areas of regulation which are impacting embedded finance in Africa, and given this is limited, how regulators might approach regulation to encourage innovation.</p> <p><strong>Existing embedded finance regulations in Africa </strong></p> <p>There are not many regulations which directly targeted at embedded finance, but there are some surrounding the technology and some common financing options, such as buy now pay later (BNPL).</p> <p>Rajesh Savji Parmar, founder and CEO, Indelible Inc. said: “In Kenya for example, the KCB - Kenya Central Bank has recently clamped down on micro finance apps due to many unlicensed players and predatory practises of harassing those that have taken loans but unable to pay back on time.”</p> <p>Relating to this, earlier this year the Kenyan government instructed the KCB to tighten laws around BNPL. Kuria Kimani, MP, Kenyan National Assembly said: “We strongly feel that there is a gap or a legal lacuna preventing a complete oversight of the BNPL firms by the CBK. The products they offer are not licensed as DCPs [digital credit providers].”</p> <p>Yet, Parmar emphasised that many of these regulations are “more about keeping the bad players out and compliance should be the cornerstone of healthy innovation.”</p> <p>There has been increasing demand for BNPL throughout Africa, and is expected to continue to grow throughout the MENA region as seen in the diagram below.</p> <p><img src="https://i.imgur.com/nufMHqI.png" alt="" width="804" height="508"></p> <p>It is likely that as the African BNPL market continues to mature, the regulatory framework is likely to evolve and have a knock-on effect on embedded finance.</p> <p>From a different perspective, Hannes Wessels, country head of Binance South Africa, commented: “While existing regulations in Africa, such as stringent KYC/AML requirements and limited frameworks for fintech, can pose challenges for the growth of embedded finance, they also present an opportunity for innovation and collaboration in the sector.”</p> <p>Despite these limitations, Parmar insisted that “the continent is open to innovation”. However, he made clear that “each central bank is different”.</p> <p><strong>How regulators can support embedded finance </strong></p> <p>There are several suggestions which commentators made for how African regulators can create legislation which is supportive of innovation, which still being cautious to protect consumers.</p> <p>Parmar commented that “Central Banks are fairly innovative and open to new solutions in fintech.”</p> <p>He stated that many central banks are using sandboxes. An example of this can be seen in Zimbabwe, where the Reserve Bank of Zimbabwe set up a fintech regulatory sandbox for fintechs and other innovative startups to conduct experiments in a controlled environment. </p> <p>Wessels stated that “Binance believes that working with regulators is crucial, as a well-regulated market ensures greater protections for users and fosters innovation.”</p> <p>He argued that for regulators to encourage the benefits of embedded finance while maintaining the safety of users, they should “develop adaptive, technology-neutral guidelines”.</p> <p>Wessels further added: “Binance’s advanced compliance protocols and transparent blockchain technology offer a model for balancing innovation with robust consumer protection, and we are committed to collaborating with regulators to achieve these goals.”</p> <p>Yet, Parmar argued that “the regulations are less the challenge than the incumbents.” He continued: “If you are not partnering a telco like MTN, Vodafone, Airtel-Tigo, Econet, Safaricom then you are struggling to access market.”</p> <p>From his perspective the challenges for start-ups in Africa are less to do with regulatory constraints and more to do with the time it takes to bring products to market and a lack of capital: “Lead times also for startups are challenging, minimum capital requirements can be problem as well as many fintech startups may not be well capitalised.”</p> <p>Parmar stated that in addition to the benefits of sandboxes, public private partnerships and competitions should be used to encourage innovation in embedded finance. Yet, he said: “What Africa needs is more investment. Areas like equity based crowdfunding to drive overseas investment into fintech innovation for Africa is one way! ”</p> <p><strong>The future of embedded finance regulation in Africa</strong></p> <p>As thing stand, there is not a strong direction of how embedded finance will be legislated in Africa, this will be something which will remain to be seen.</p> <p>However, in forming future legislation, African regulators should be looking to the aims of those who are within the industry, taking into consideration the need for growth as well as protecting consumers.</p> <p>While doing so, they should also look to some of those suggestions which can be used to encourage further innovation as well as greater investment in African fintech. </p> </div> </div>    <div class="modal fade popup-formType popup-group-create" id="popupWriteLongReadEditHeaderImage" data-bs-backdrop="static" tabindex="-1" aria-labelledby="popupEditHeaderImageTitle" aria-hidden="true" style="">  <div class="modal-dialog modal-dialog-centered modal-dialog-scrollable modal-fullscreen-md-down popup-dialog"> <div class="modal-content popup--content"> <div class="modal-body popup--body" style="overflow-x:hidden;"> <div class="form popup-form">  <div class="image-cropper cropit text-start">  <div class="form-item"> <div class="cropit-preview form-control"></div> </div>  <div class="form-item"> <input type="file" class="cropit-image-input form-control" /> <div class="error-msg form-error d-block"></div> </div>   <div class="form-item"> <label class="form-label pb-2" for="cropitRange">Resize image</label> <input type="range" id="cropitRange" class="cropit-image-zoom-input form-control" /> </div> <input type="hidden" name="ctl00$ctl00$body$main$ArticleForm$Base64HeaderImageEdit" id="Base64HeaderImageEdit" /> </div> </div> <ul class="text-start"> <li>The maximum original file size is <strong>4mb</strong>.</li> <li>Ideal image size: <strong>800 x 450</strong> pixels</li> <li>Do not upload any copyrighted images. 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h6"> <a id="ctl00_ctl00_body_main_LatestSummaryAuthor_rItems_ctl03_hTitle" aria-label="Read article: EU payments regulations: What to expect from 2025" href="/the-long-read/1157/eu-payments-regulations-what-to-expect-from-2025">EU payments regulations: What to expect from 2025</a> </h3> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-10-23 14:00:00Z">23 October</time> <span class="card-channels"> <a href="/channel/sibos" class="card-channel-link" arial-label="link to channel: /channel/Sibos">/Sibos</a> </span> </p> </div> </div> </div> </div> <div class="card"> <div class="row"> <div class="col-12 card-body-container"> <div class="card-body"> <p class="card-profile">Long read</p> <h3 class="card-title h6"> <a id="ctl00_ctl00_body_main_LatestSummaryAuthor_rItems_ctl04_hTitle" aria-label="Read article: 6 social media scams to look out for" href="/the-long-read/1152/6-social-media-scams-to-look-out-for">6 social media scams to look out for</a> </h3> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-10-15 18:00:00Z">15 October</time> <span class="card-channels"> <a href="/channel/crime" class="card-channel-link" arial-label="link to channel: /channel/crime">/crime</a> </span> </p> </div> </div> </div> </div>  <div class="cta-row cta-all-longread"> <a id="ctl00_ctl00_body_main_LatestSummaryAuthor_hSeeAll" href="/latest-long-reads?memberid=137526">See all Long Reads from Níamh</a> </div> </div> </div> </div> </section>  <section class="section--article-longread"> <div class="row"> <div class="col-12"> <h2 class="h4 heading-padding">/regulation Long Reads</h2>  <div class="card card--post card--imageProfile"> <div class="row"> <div class="col-3 col-sm-4 card-img-container"> <a href="/the-long-read/1183/uk-national-payments-vision-what-does-it-mean-for-fintech-growth" arial-label="Read article: UK National Payments Vision: What does it mean for fintech growth?" > <img src="/finextra-images/oped/1183.jpg" class="card-img" alt="UK National Payments Vision: What does it mean for fintech growth?" /> </a> </div> <div class="col-4 card-profile-container"> <div class="card-img-round"> <a id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl00_hBlogger" aria-label="link to author: Chris Holmes" href="/bloggers/lord-chris-holmes"><div class="blue-tick"><img id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl00_iBlogger" class="card-img-round" src="/finextra-images/member_photos/thumb_133284_chris_holmes.jpg" alt="Chris Holmes" style="border-width:0px;" /><div class="blue-tick-svg"></div></div></a> </div> </div> <div class="col-9 col-sm-8 card-body-container"> <div class="card-body"> <p class="card-profile"><a id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl00_hMember" aria-label="link to author: Chris Holmes" href="/bloggers/lord-chris-holmes">Chris Holmes</a> Peer at House of Lords</p> <h3 class="card-title h6"> <a id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl00_hTitle" aria-label="Read article: UK National Payments Vision: What does it mean for fintech growth?" href="/the-long-read/1183/uk-national-payments-vision-what-does-it-mean-for-fintech-growth">UK National Payments Vision: What does it mean for fintech growth?</a> </h3> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-11-20 11:30:00Z">20 November 2024</time> <span class="card-channels"> <a href="/channel/regulation" class="card-channel-link" arial-label="link to channel: /channel/regulation">/regulation</a> </span> </p> </div> </div> </div> </div> <div class="card card--post card--imageProfile"> <div class="row"> <div class="col-3 col-sm-4 card-img-container"> <a href="/the-long-read/1162/building-resilience-across-borders-in-todays-interconnected-world" arial-label="Read article: Building resilience across borders in today’s interconnected world" > <img src="/finextra-images/oped/1162.jpg" class="card-img" alt="Building resilience across borders in today’s interconnected world" /> </a> </div> <div class="col-4 card-profile-container"> <div class="card-img-round"> <a id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl01_hBlogger" aria-label="link to author: David Turmaine" href="/bloggers/164359"><div class="blue-tick"><img id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl01_iBlogger" class="card-img-round" src="/finextra-images/member_photos/thumb_164359_david_turmaine.png" alt="David Turmaine" style="border-width:0px;" /><div class="blue-tick-svg"></div></div></a> </div> </div> <div class="col-9 col-sm-8 card-body-container"> <div class="card-body"> <p class="card-profile"><a id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl01_hMember" aria-label="link to author: David Turmaine" href="/bloggers/164359">David Turmaine</a> Managing Director at Broadridge</p> <h3 class="card-title h6"> <a id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl01_hTitle" aria-label="Read article: Building resilience across borders in today’s interconnected world" href="/the-long-read/1162/building-resilience-across-borders-in-todays-interconnected-world">Building resilience across borders in today’s interconnected world</a> </h3> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-11-04 10:00:00Z">04 November 2024</time> <span class="card-channels"> <a href="/channel/regulation" class="card-channel-link" arial-label="link to channel: /channel/regulation">/regulation</a> </span> </p> </div> </div> </div> </div> <div class="card card--post card--imageProfile"> <div class="row"> <div class="col-3 col-sm-4 card-img-container"> <a href="/the-long-read/1144/regulating-africa-to-encourage-embedded-finance-innovation" arial-label="Read article: Regulating Africa to encourage embedded finance innovation" > <img src="/finextra-images/oped/1144.jpg" class="card-img" alt="Regulating Africa to encourage embedded finance innovation" /> </a> </div> <div class="col-4 card-profile-container"> <div class="card-img-round"> <a id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl02_hBlogger" aria-label="link to author: Níamh Curran" href="/bloggers/137526"><div class="blue-tick"><img id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl02_iBlogger" class="card-img-round" src="/finextra-images/member_photos/thumb_137526_n%c3%adamh_curran_9.jpg" alt="Níamh Curran" style="border-width:0px;" /><div class="blue-tick-svg"></div></div></a> </div> </div> <div class="col-9 col-sm-8 card-body-container"> <div class="card-body"> <p class="card-profile"><a id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl02_hMember" aria-label="link to author: Níamh Curran" href="/bloggers/137526">Níamh Curran</a> Senior Reporter at Finextra</p> <h3 class="card-title h6"> <a id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl02_hTitle" aria-label="Read article: Regulating Africa to encourage embedded finance innovation" href="/the-long-read/1144/regulating-africa-to-encourage-embedded-finance-innovation">Regulating Africa to encourage embedded finance innovation</a> </h3> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-10-28 10:00:00Z">28 October 2024</time> <span class="card-channels"> <a href="/channel/regulation" class="card-channel-link" arial-label="link to channel: /channel/regulation">/regulation</a> </span> </p> </div> </div> </div> </div> <div class="card card--post card--imageProfile"> <div class="row"> <div class="col-3 col-sm-4 card-img-container"> <a href="/the-long-read/1160/why-registering-under-canadas-retail-payments-activities-act-has-a-multitude-of-benefits" arial-label="Read article: Why registering under Canada’s Retail Payments Activities Act has a multitude of benefits" > <img src="/finextra-images/oped/1160.jpg" class="card-img" alt="Why registering under Canada’s Retail Payments Activities Act has a multitude of benefits" /> </a> </div> <div class="col-4 card-profile-container"> <div class="card-img-round"> <a id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl03_hBlogger" aria-label="link to author: Madhvi Sonia" href="/bloggers/105027"><div class="blue-tick"><img id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl03_iBlogger" class="card-img-round" src="/finextra-images/member_photos/thumb_105027_madhvi_mavadiya.jpg" alt="Madhvi Sonia" style="border-width:0px;" /><div class="blue-tick-svg"></div></div></a> </div> </div> <div class="col-9 col-sm-8 card-body-container"> <div class="card-body"> <p class="card-profile"><a id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl03_hMember" aria-label="link to author: Madhvi Sonia" href="/bloggers/105027">Madhvi Sonia</a> Head of Content at Finextra</p> <h3 class="card-title h6"> <a id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl03_hTitle" aria-label="Read article: Why registering under Canada’s Retail Payments Activities Act has a multitude of benefits" href="/the-long-read/1160/why-registering-under-canadas-retail-payments-activities-act-has-a-multitude-of-benefits">Why registering under Canada’s Retail Payments Activities Act has a multitude of benefits</a> </h3> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-10-24 08:00:00Z">24 October 2024</time> <span class="card-channels"> <a href="/channel/regulation" class="card-channel-link" arial-label="link to channel: /channel/regulation">/regulation</a> </span> </p> </div> </div> </div> </div> <div class="card card--post card--imageProfile"> <div class="row"> <div class="col-3 col-sm-4 card-img-container"> <a href="/the-long-read/1147/the-uks-legislative-approach-substance-over-style" arial-label="Read article: The UK’s legislative approach: Substance over style" > <img src="/finextra-images/oped/1147.jpg" class="card-img" alt="The UK’s legislative approach: Substance over style" /> </a> </div> <div class="col-4 card-profile-container"> <div class="card-img-round"> <a id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl04_hBlogger" aria-label="link to author: Chris Holmes" href="/bloggers/lord-chris-holmes"><div class="blue-tick"><img id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl04_iBlogger" class="card-img-round" src="/finextra-images/member_photos/thumb_133284_chris_holmes.jpg" alt="Chris Holmes" style="border-width:0px;" /><div class="blue-tick-svg"></div></div></a> </div> </div> <div class="col-9 col-sm-8 card-body-container"> <div class="card-body"> <p class="card-profile"><a id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl04_hMember" aria-label="link to author: Chris Holmes" href="/bloggers/lord-chris-holmes">Chris Holmes</a> Peer at House of Lords</p> <h3 class="card-title h6"> <a id="ctl00_ctl00_body_main_LatestSummary_rItems_ctl04_hTitle" aria-label="Read article: The UK’s legislative approach: Substance over style" href="/the-long-read/1147/the-uks-legislative-approach-substance-over-style">The UK’s legislative approach: Substance over style</a> </h3> <p class="card-baseline"> <time class="card-timestamp card-icon calendar" datetime="2024-10-11 11:21:00Z">11 October 2024</time> <span class="card-channels"> <a href="/channel/regulation" class="card-channel-link" arial-label="link to channel: /channel/regulation">/regulation</a> </span> </p> </div> </div> </div> </div>  <div class="cta-row cta-all-longread"> <a id="ctl00_ctl00_body_main_LatestSummary_hSeeAll" href="/latest-long-reads/regulation">See all /regulation Long Reads</a> </div> </div> </div> </section>  </div>  <div class="col-12 col-xl-2">  <div class="button button-secondary content-box desktop" ><h4>Editorial</h4><p>This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.</p></div> </div> </div> </div> </section>  <span id="ctl00_ctl00_body_lower_tracking"><script type="text/javascript"> var trackMem=0; var trackVal=1144; var trackType=14; 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