Fintechs need to overcome regulatory barriers that limit access to financial services for underserved communities
Nikki Kettles, Executive: Licences and Payments Regulation at Mukuru
Genuine financial inclusion is vital if we are to bring millions of unbanked and underserved communities in Africa into the mainstream economy. This doesn’t just benefit the communities, it has a knock-on effect for economies, regions and the continent. Financial services are tightly regulated and this presents a challenge for fintechs — how do you innovate while working effectively within differing regulatory frameworks on the continent? While these frameworks may differ substantially, there are common barriers fintechs need to overcome.
Before we get there, it is important to start at the beginning. Not many people understand what financial inclusion actually means. There is a misconception that financial inclusion me...