1st Edition

Financial Technology Law and Regulation in Africa

By Iwa Salami Copyright 2025
    256 Pages
    by Routledge

    This book comprehensively analyses financial technology law and regulation in Africa and provides domestic and regional perspectives on regulating FinTech in Africa. It studies policy considerations that can assist African policymakers in facilitating a balanced regulatory approach that does not stifle financial innovation.

    The growth of Financial Technology in Africa presents huge opportunities for inclusive growth on the African continent. Digital finance, which sits at the heart of financial technology, could be key to place Africa back on the economic recovery trajectory after the Covid-19 crisis, facilitating its speed in achieving the UNSDG 2030 goals and setting the continent on course to meet its African Union Agenda 2063. This book:

    - Examines mobile financial services, crowdfunding, crypto-assets, digital currencies including central bank digital currencies, decentralised finance and open banking and finance, all from an African perspective;

    - Explores the status of regulation in these areas in Africa, highlighting areas where regulation is lacking, inadequate and in needing of reform;

    - Highlights pragmatic approaches to regulation such as including the adoption of regulatory sandboxes, regulatory technology and discusses requirements for the adoption of supervisory technology in Africa;

    - Scrutinizes the implications of developments in the FinTech space in Africa for international security, economic and financial stability.

    Placing Africa in the global context, the book argues for an international effort to understand the global dimensions of FinTech developments to adopt robust global regulatory frameworks in developing parts of the world. It will provide useful insights to investors, policy makers and entrepreneurs. It will also be essential reading for students and researchers in the field of technology, public policy, regulatory policy, financial policy, banking, and finance law.

    Foreword by Bitange Ndemo

    1. Financial technology developments in Africa: Regulatory theories and the regulatory landscape

    2. Mobile financial services in Africa: Regulatory framework and future prospects

    3. Crowdfunding in Africa: Regulatory framework and future prospects

    4. Digital currencies in Africa: Regulatory framework and future prospects

    5. Challenges and approaches to regulating decentralised finance in Africa: Reflections on open banking and finance regulation

    6. Future of financial technology and innovation in Africa

    Concluding Remarks


    Iwa Salami is Reader (Associate Professor) in Financial Regulation at the School of Business and Law, University of East London (UEL). She is also the Director of the Centre of FinTech at UEL.

    She has published extensively in the field of financial and FinTech regulation and has advised governments, including in Europe and Africa, on this subject. She has sat on national and international policy forums on the future of finance and money, which have resulted in the drafting of national and international regulation and standards. She is currently a member of the Bank of England and HM Treasury, Central Bank Digital Currency Academic Advisory Group.


    "Professor Salami has delivered a masterpiece: a rigorous introduction and overview of fintech, paired with a groundbreaking assessment of financial regulatory approaches in Africa. A must read for anyone grappling seriously with what innovation means in emerging markets."

    Chris Brummer, Agnes Williams Sesquicentennial Professor of Financial Technology; Georgetown University Law Center

    "Iwa Salami's 'FinTech Regulation in Africa' brilliantly bridges the gap between the burgeoning potential of FinTech and the complex regulatory environments across Africa, making it an essential read for anyone involved in the continent's financial sector. This book is a treasure trove of insights, offering a roadmap for policymakers, investors, and entrepreneurs alike to harness FinTech's power for driving inclusive growth and sustainable development."

    H. Tomi Davies (TD), Collaborator-in-Chief, TVCLabs; Founding President, the African Business Angel Network (ABAN); Board Member, the Global Business Angel Network (GBAN)

    “This book provides an essential guide to regulatory approaches around different areas of FinTech across the African continent. With a fast-moving market and the challenges this brings, this book helps to identify best practices in the field of regulation as well as pointing to the need for cross-industry and regulator collaboration, experimentation and testing. A critical contribution to Africa’s FinTech journey!”

    Ruth Wandhöfer, Visiting Professor Bayes Business School (City University London), NED, Author, Speaker, Adviser

    “The financial technology revolution is in full swing globally. Notwithstanding the stylised digital divide between north and south, some African countries are making phenomenal strides in accelerating the pace of development in the financial technology space and associated regulatory issues. In this context, Iwa Salami’s book on “Financial Technology Regulation in Africa” is a timely and highly valuable contribution to understanding the dynamics of the financial technology space in Africa and how regulators are coping. Absolutely essential reading for policy makers and practitioners.”

    Victor Murinde, AXA Professor in Global Finance, SOAS University of London.