Africa’s ‘Big 4’ Leading the Way in FinTech, A Review of the Nigerian Supreme Court Rules 2024 & More on SA’s Progress in Reversing FATF Greylisting
Afriwise Insights
Africa’s ‘Big 4’ Are Leading the Way in FinTech
Globally, the period 2022-23 was troubling for FinTech. Years of continuous growth in the sector saw dwindling investment numbers due to multiple factors, but there remained one bright light in the global FinTech market: Africa!
Last year, our FinTech report highlighted that Africa’s 'Big 4' (Nigeria, South Africa, Kenya, and Egypt) were leading the way in FinTech regulations.
In 2024, Africa's FinTech sector is experiencing unprecedented growth, transforming access to financial services through innovations like mobile money, neobanks, and blockchain-based solutions. This growth is driven by a mix of supportive regulatory environments, mobile technology adoption, and the need for financial inclusion, with the 'Big 4' still leading the charge.
Despite challenges in cybersecurity, digital literacy, and infrastructure, Africa's FinTech landscape continues to set trends globally, pioneering solutions that cater specifically to local needs.
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Nigeria
Nigeria is transforming its traditional banking system and expanding financial services to underserved populations through mobile banking, digital payments, and agency banking. FinTech companies like Interswitch and Flutterwave collaborate with traditional banks to offer customised solutions, increasing financial inclusion and creating economic opportunities, especially for micro, small, and medium-sized businesses. With an expanding digital infrastructure, Nigeria’s FinTech sector is not only bridging access gaps but also propelling financial growth across Africa.
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South Africa
South Africa is a FinTech leader in Africa, generating approximately 40% of the continent’s sector revenue and driving financial inclusion through digital wallets, mobile banking, and contactless payments. Regulatory and technological advances expected in 2024 are set to boost the FinTech landscape further, encouraging non-bank actors and foreign investors to strengthen the country's financial infrastructure. While digital payment adoption grows rapidly, bringing convenience and accessibility, rising fraud through contactless payments highlights the need for security measures.
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Kenya
Driven by the success of mobile money platform M-Pesa and a supportive regulatory environment, Kenya's FinTech sector is rapidly expanding, offering a range of digital solutions that promote financial inclusion and economic empowerment. However, challenges like financial literacy, infrastructure gaps, and socio-economic barriers persist, necessitating a collaborative, multi-stakeholder approach to further expand access to financial services across Kenya.
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Egypt
Egypt is emerging as a FinTech leader in the Middle East, transforming its financial landscape through regulatory support, innovative digital solutions, and a focus on financial inclusion. Backed by laws facilitating digital payments, electronic transactions, and data protection, Egypt’s FinTech sector is expanding access to financial services for underserved populations. With a young, tech-savvy population and a progressive regulatory environment, Egypt is poised to become a major FinTech hub, driving economic growth and digital transformation.
Selected Articles
Nigeria - Olaniwun Ajayi
A Review of the Nigerian Supreme Court Rules 2024
The New Rules, a substantial departure from the outdated Supreme Court Rules of 1985, introduce significant reforms to practice and procedures at the Supreme Court. With a broader scope encompassing 22 Orders, compared to the previous 10 in the Old Supreme Court Rules, the New Rules prioritize efficiency, technological integration and streamlined processes to enhance the user experience for both litigants and legal professionals. Continue reading
South Africa - Clyde & Co.
October 2024 Update: South Africa’s Progress in Reversing its FATF Greylisting
South African authorities continue to focus on addressing the outstanding action items identified by the Financial Action Task Force (FATF) in order to exit the grey list. On 25 October 2025, National Treasury provided a progress update following the FATF Plenary which took place on the same day, confirming that South Africa is now deemed to have largely or fully addressed 16 of the 22 action items in its Action Plan. Six outstanding action items still need to be addressed for the last scheduled reporting cycle, concluding in February 2025. Continue reading
Zambia - Chibesakunda & Co.?
Government’s Proposed Acquisition of Mining Rights Under the Minerals Regulation Commission Bill? ?
Various stakeholders in the Zambian mining industry are eager to understand the implications of the draft Minerals Regulation Commission Bill once passed into law. A recurring theme that is causing apprehension amongst stake holders is section 15 of the Bill – which allows the Zambian Government the right to acquire an interest in greenfield exploration areas and subsequent? mining areas. It is understandable why this has caused concern; therefore, this article looks to briefly delve into this issue in more depth. Continue reading
by Africa Risk Consulting (ARC)
Zimbabwe
Finance minister?Mthuli Ncube?tells lawmakers that Zimbabwe will resume talks with creditors later this month to restructure $21 billion in external debt as it seeks to exit a default that’s kept it locked out of international capital markets since 1999.
Ethiopia
Construction of a 20MW?Bitcoin?mining facility has broken ground at?Wolaita?as the?Hong Kong-headquartered?West Data Group?invests an estimated $15m into the facility, expected to house 6,000 dedicated Bitcoin mining machines.
Ghana
European Union (EU)?has granted Ghana?Forest Law Enforcement, Governance and Trade (FLEGT)?licences, which will allow it to export sustainably grown and managed timber to the EU, the first?African?country to achieve this feat.
DLA Piper Africa Week
We were thrilled to have been given the opportunity to join in the DLA Piper Africa Week at last night's Gala Event, "An evening with Letsile Tebogo - Celebrating African Success!".
It was a phenomenal evening showcasing and celebrating Africa with their colleagues and partners from over 20 African countries. We made new friends and saw dear friends like Nankunda Katangaza .
Letsile's story is truly inspiring. One message that resonated is that in a world filled with comparisons, the only person who you should try to be better than, is yourself.
Afriwise has longstanding relationships with several of the top-class law firms in the DLA Piper Africa network. They contribute extensively across Africa to our platform and in doing so, help us offer our customers the best information and connections.
A big thank you to DLA Piper Africa, Senegal (GENI & KEBE) for extending the invitation to us for this fantastic event that truly celebrates African excellence.
Artificial Intelligence Through a Compliance Lens
Afriwise is thrilled to sponsor the Compliance Institute Southern Africa 's inaugural Artificial Intelligence (AI) Discussion Forum, a platform where innovation meets regulatory insight.
Join us next week, on the 21st of November at 10 am, where Rianne Potgieter, CA(SA), CProf(SA) , Steven De Backer , and Vishala Panday will delve into the intersection of technology and regulation, addressing critical questions such as:
On The Horizon: A 2025 African GC Perspectives
ACGC (African Corporate and Government Counsel Forum) and Afriwise are conducting a study to explore the challenges, disruptors, and opportunities shaping the legal landscape for GCs today and in the future.
Your participation in this study is essential to capturing the realities and priorities of GCs working on the continent. By sharing your insights, you will be helping to map out African perspectives, ensuring that the voice of the legal community is heard and included in shaping the future of the profession.
All data collected will be fully anonymized, but your input will contribute to a groundbreaking report that will define the outlook for GCs across Africa by 2025. Be part of this important conversation and help shape the future of legal practice in Africa.