Fintech in Africa : Unpacking Risk and Regulation
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Barry Cooper, Technical Director at Cenfri, presented "Fintech in Africa: Unpacking Risk and Regulation" at the Bowman Fintech Africa Conference in Johannesburg on the 25 May 2017
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Fintech in Africa : Unpacking Risk and Regulation
- 1. FINTECH IN AFRICA: 25 May 2017 BARRY COOPER UNPACKING RISK AND REGULATION Technical Director CENFRI
- 2. Page 2 Problem: Legislative process/regulation amendments often • too slow • not well adapted to allow FinTech to develop Result: FinTech is • adapting to an unsuitable system or • operating at risk in a grey area without an appropriate regulatory framework or • stifled by heavy regulatory burden Aim: Achieve effective regulation while encouraging innovation LEGAL SYSTEM NEEDS TO BE ADAPTED TO ENABLE FINTECH
- 3. Page 3 Overarching principles • Regulating for innovation to be guided more by principles and factors than by rigid rules • It is ever-changing and often challenges long-standing concepts and definitions Guiding factors overview • Understand risk and impact on consumer before proportional response • Do not regulate the consumer out of market • Consumers should be well aware of risks when adopting new products • Consider the full legislative process • Plan for failure • Open engagement with industry with full knowledge and framework limits (sandboxing) • Language should not be too definitive or too vague • Reality: first movers create the status quo = good to engage early REGULATION FOR FINTECH APPROACH: A BALANCING ACT
- 4. THANK YOU BARRY COOPER TECHNICAL DIRECTOR CENFRI BARRY@CENFRI.ORG
Editor's Notes
- Balancing act: this is a perpetual evolving story. Regulation has driven innovation (need example) Regulation has stifled innovation (need example) Operating at risk in grey area
- Do not regulate the consumer out of market - example: regulating the drug market (accepted level of fatalities) Reality: first movers create the status quo = good to engage early – example: Mozambique mobile money (one individual persisted to achieve mobile money regulation)