The chief executive of pan-African payments firm pawaPay has warned that regulatory uncertainty is becoming a major obstacle to mobile money growth across the continent, even as several markets move to modernize their payments infrastructure.
The comments come as Ghana's central bank admitted six fintech companies into its regulatory sandbox program to pilot virtual asset services, signaling a cautious approach to innovation oversight in one of Africa's largest mobile money markets.
"The lack of consistent regulations between different African jurisdictions creates significant operational challenges for payment providers looking to scale across borders," said the pawaPay CEO in remarks to industry stakeholders.
The regulatory concerns emerge against a backdrop of rapid payments modernization in several African markets. The Democratic Republic of Congo is preparing to launch its national interbank payments platform by the end of March 2026, while other nations are expanding their digital payments frameworks.
Industry experts note that while mobile money adoption has grown dramatically across Africa in recent years, fragmented regulations and licensing requirements between countries have made it difficult for fintech companies to achieve economies of scale.
Ghana's sandbox initiative, which allows controlled testing of new financial products, represents an attempt to balance innovation with prudential oversight. The Bank of Ghana selected six fintech firms to trial virtual asset services under close supervision.
Meanwhile, several African central banks are studying open banking frameworks similar to those being implemented in more advanced markets. Saudi Arabia's recent expansion of open banking regulations has drawn attention from African regulators considering similar modernization efforts.
Regional Integration Challenges
Despite progress in individual markets, the lack of harmonized regulations for mobile money and digital payments remains a key challenge for companies operating across multiple African jurisdictions. Industry leaders argue that clearer regional frameworks could help unlock further growth in digital financial services.
Analysts expect regulatory frameworks to continue evolving as mobile money services expand beyond basic transfers to include more sophisticated financial products. However, the pace and coordination of these changes across different markets remain uncertain.