Review of fintech regulations and development in Africa

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.