Fintech Regulatory Guide – Country by Country (Africa)

Country-by-Country Legal & Compliance Snapshot for Fintechs

“One Continent. Many Rules. One Legal Team to Guide You.”

This guide gives fintech founders, legal teams, and investors an at-a-glance overview of the regulatory frameworks governing fintech services in Africa’s top emerging markets. Whether you’re launching a payment app, crypto exchange, lending product, or wallet platform—Clinton Consultancy provides tailored support to guide you through the complexity.

 Ghana

• Regulator: Bank of Ghana

• Key Law: Payment Systems and Services Act, 2019

• Licenses:

  • Electronic Money Issuer (EMI)

  • Payment Service Provider (PSP) – Standard or Enhanced

• Requirements:

  • Local entity, minimum paid-up capital (varies by license tier)

  • Local director & data storage requirements

• Crypto: No formal framework yet; cautiously unregulated

• KYC/AML: Required; enforced via BoG and Financial Intelligence Centre

 Nigeria

• Regulator: Central Bank of Nigeria (CBN)

• Key Law: CBN Guidelines on Mobile Money Services, Payments System Vision 2025

• Licenses:

  • Mobile Money Operator (MMO)

  • Payment Service Bank (PSB)

  • Switching & Processing License

• Requirements:

  • Strict capital thresholds (?2B+ for PSBs)

  • Local incorporation required

• Crypto: Officially banned from regulated financial institutions

• KYC/AML: High-priority enforcement through EFCC and NFIU

Kenya

• Regulator: Central Bank of Kenya (CBK)

• Key Law: National Payment System Act, 2011 & CBK Licensing Framework

• Licenses:

  • Payment Service Provider (PSP)

  • Digital Credit Provider (for lending platforms)

• Requirements:

  • CBK licensing mandatory

  • Separate approval required for foreign investment

• Crypto: No formal licensing; regulatory sandbox optional

• KYC/AML: Required under Proceeds of Crime & Anti-Money Laundering Act

 Sierra Leone

• Regulator: Bank of Sierra Leone (BSL)

• Key Law: Financial Services Act, Bank of Sierra Leone Act

• Licenses:

  • EMI licenses are issued, but the sector is still developing

  • Mobile money offered largely through telecoms

• Requirements:

  • Strong focus on local partnerships

  • Emerging guidelines; legal reform in progress

• Crypto: Unregulated

• KYC/AML: Required; FIC Sierra Leone oversees compliance

Rwanda

• Regulator: National Bank of Rwanda (BNR)

• Key Law: Law No. 048/2010 on Electronic Transactions and Guidelines for PSPs

• Licenses:

  • PSP license (with fintech-specific categories)

  • Credit scoring and e-money also licensed separately

• Requirements:

  • Requires local entity and application through BNR

• Crypto: Permitted through regulatory sandbox

• KYC/AML: Strong framework and compliance review process

 South Africa

• Regulator: South African Reserve Bank (SARB) + FSCA

• Key Law: Financial Sector Regulation Act, National Payment System Act

• Licenses:

  • Payment clearing house participation

  • Financial services licenses for lending or crypto

• Requirements:

  • Complex, layered licensing based on activity

  • Financial Advisory and Intermediary Services (FAIS) Act may apply

• Crypto: Declared financial products under FSCA oversight

• KYC/AML: Strong FIC Act regime with SARB monitoring

Summary Table