Regulation
Latest articles about regulation in African payments and fintech
Egypt's Central Bank Permits Remote Bank Account Opening
Egypt's central bank has authorized remote bank account opening using digital verification, a key step to improve financial inclusion. The policy is expected to benefit fintech firms and traditional banks alike, accelerating the shift toward digital financial services.
Nigeria's Central Bank Outlines Stablecoin Role in Payments Vision 2028
Nigeria's central bank has included stablecoins in its Payments System Vision 2028, marking a notable policy shift. The move contrasts with Ghana's recent ban on banks supporting crypto-linked accounts and South Africa's focus on a real-time payments platform over a digital currency.
Luno Warns South Africa's Stablecoin Rules Could Hinder Cross-Border Payments
Cryptocurrency exchange Luno has cautioned that South Africa's draft stablecoin regulations, which would require stablecoins to be rand-backed, could isolate the country's financial system and impede cross-border payments. The warning comes as other African fintech initiatives, like the expansion of Kwik Payments with ACI Worldwide, focus on facilitating multi-currency transactions across borders.
Bank of Ghana Prohibits Financial Institutions from Supporting Crypto-Linked Dollar Accounts
The Bank of Ghana has banned banks and financial institutions from supporting foreign currency accounts used for cryptocurrency transactions, effective June 15, 2026. The directive aims to protect the cedi and prevent capital flight, highlighting divergent regulatory approaches to digital assets across Africa.
SARB Prioritizes Payshap Over Digital Rand, Citing Real-Time Payments Focus
The South African Reserve Bank has stated that its real-time payments platform, Payshap, is a higher priority than developing a digital rand. This stance emerges alongside warnings from industry executives that restrictive stablecoin rules could cost South Africa economic opportunities.
Nigeria's Central Bank Mandates Fintech Restructuring and Data Localisation
The Central Bank of Nigeria has mandated that fintech companies separate their core payment operations from other business lines and comply with new data localisation and ownership disclosure rules. These regulations aim to increase oversight and control in Nigeria's fast-growing digital payments market, which processed N25 trillion through Monnify alone in Q1 2026.
Nigeria's CBN Grants National Licenses to OPay, Moniepoint, Kuda, and PalmPay
The Central Bank of Nigeria has issued national switching licenses to OPay, Moniepoint, Kuda Bank, and PalmPay. The move follows a regulatory directive for these fintechs to separate their payment and banking operations, aiming to bolster systemic stability.
CBN Orders Nigerian Fintechs to Separate Payment Operations
The Central Bank of Nigeria has mandated that fintech companies separate their payment operations from other business lines, with a six-month compliance deadline. This directive coincides with a separate data localisation policy requiring all financial data processing to be moved to Nigeria by 2027.
Bank of Ghana directs banks to cease support for foreign currency crypto wallets
The Bank of Ghana has ordered all regulated financial institutions to immediately stop processing transactions for cryptocurrency accounts held in foreign currencies. This directive aligns with a regional trend of tightening controls over digital financial flows, as seen in Nigeria's recent orders for fintech divestitures and data localisation.
CBN Directs Nigerian Banks and Fintechs to Disclose Beneficial Owners
The Central Bank of Nigeria has ordered all banks and fintechs to reveal their ultimate owners and store payments data locally by July 10, 2026. The directive aims to enhance transparency and control in the country's fast-growing digital finance sector.
Ghana, Rwanda and Zambia test interoperable cross-border payment system
Ghana, Rwanda and Zambia are conducting a pilot test of an interoperable cross-border payment system designed to connect their domestic mobile money networks. The initiative comes amid heightened competition in Africa's payments sector and evolving regulatory frameworks that could shape the future of digital finance on the continent.
Kenya's 2026 Finance Bill Proposes New Taxes on Phones and M-Pesa
Kenya's Finance Bill 2026 proposes a 2% tax on mobile phones and a new levy on M-Pesa transactions. The measures, part of the budget presented on June 11, could raise costs for consumers and spark debate on digital inclusion as the bill moves through parliament.
Egypt's enza gains enhanced payments licence in Ghana as Pan-African competition intensifies
Egyptian fintech enza has received an enhanced Payment Service Provider licence from the Bank of Ghana, enabling its entry into the West African market. The move occurs amid heightened competition in pan-African payments, where industry reports indicate increasing pressure on service margins.
South African Reserve Bank prioritizes payment system upgrades over retail CBDC launch
The South African Reserve Bank has indicated that enhancements to the country's digital payment infrastructure, focusing on speed and cost, are necessary before launching a retail central bank digital currency. This comes amid broader industry shifts, including Nedbank's launch of AI-driven loans and ongoing discussions about the role of AI in reshaping financial services.
South Africa dissolves payments regulator PASA, transfers oversight to PayInc and central bank
South Africa has dissolved the Payments Association of South Africa (PASA) after 30 years, transferring its functions to a new industry body, PayInc, and the South African Reserve Bank. The restructuring centralizes regulatory oversight with the central bank while PayInc handles operational rule-setting, reflecting a broader shift in payment system governance.
Nigeria's Central Bank Eases Geo-Fencing Rules for Point-of-Sale Terminals
The Central Bank of Nigeria has extended the geo-fencing radius for Point-of-Sale terminals from 50 to 70 metres, effective June 7, 2026. The adjustment aims to reduce transaction failures caused by GPS inaccuracies while maintaining anti-fraud measures in the country's high-volume payments ecosystem.
Bank of Ghana Suspends MTN's 0.75% MoMo Wallet-to-Bank Fee
The Bank of Ghana has suspended a 0.75% fee on MTN mobile money wallet-to-bank transfers, which was introduced on June 1, 2026. The regulator cited a lack of prior approval and public outcry, directing MTN to halt the charge pending a formal review.
M-Pesa Named Among Top 100 Global Cross-Border Payment Platforms
Safaricom's M-Pesa has been ranked among the top 100 cross-border payment platforms globally by FXC Intelligence. The recognition comes as Kenya's government proposes a new VAT rate that could significantly increase taxes on M-Pesa transaction fees.
Moniepoint CEO Proposes Credit Framework for Nigeria's New Payment System
Moniepoint CEO Tosin Eniolorunda has urged the Central Bank of Nigeria to incorporate credit facilitation tools into its new Payment System Vision 2028. The proposal aims to leverage transaction data within the national payment infrastructure to expand access to loans for individuals and businesses.
Nigerian Regulator Expands Airtime Credit List Amid Legal Challenges
Nigeria's FCCPC has approved four new airtime and data credit operators, bringing the total to nine, despite an ongoing court injunction and administrative suspension of the DEON regulations under which they were approved. This expansion has sparked industry questions regarding the validity of these new approvals given the legal challenges to the regulatory framework.
Discovery Bank Reports 20% Increase in Digital Transaction Volume for Q2 2026
Discovery Bank recorded a 20% rise in digital transaction volume for Q2 2026. The growth comes as South African regulators advance a new authorisation framework for payment system participants, shaping the future operating environment for banks and fintechs.
MTN Ghana Mobile Money Fee Suspended by Central Bank
The Bank of Ghana suspended a proposed transfer fee on MTN's mobile money service, citing consumer protection. This contrasts with Vodacom M-Pesa Tanzania's expansion via a new PayPal partnership for global payments.
Pepkor Receives Regulatory Approval to Launch New Bank in South Africa
Pepkor Holdings has received regulatory approval from the Prudential Authority to establish Pepkor Bank, a new banking entity targeting its low-income retail customer base. The announcement coincides with broader calls for digital payments reform in South Africa and the publication of a new draft regulatory framework for payment systems.
Kenya's Proposed Digital Tax on M-Pesa Transactions Draws Industry Concern
Kenya's proposed 16% VAT on mobile money transfer fees in the Finance Bill 2026 threatens to increase costs for M-Pesa users, with analysts warning it could hinder digital payment adoption and financial inclusion. The tax plan emerges as Safaricom expands M-Pesa's accessibility to rival network users and the diaspora, highlighting a tension between government revenue goals and platform growth strategies.