Other fintech regulatory issues touch on broader telecommunications infrastructure for affordable internet access and interoperability to reach a critical mass of customers across multiple countries. With the speed of technology adoption often faster than the development of regulation – as was the the case of the rapid growth of mobile payments - governments should look into enabling the piloting of new technologies through regulatory sandboxes that promote the testing of products and services under supervision in controlled environments. Regulatory sandboxes foster the development of technologies that may raise public policy concerns and promote cooperation between regulators and innovators. Some countries like Kenya and Ghana have established frameworks that are great examples of sandbox programmes to be emulated by other African regulators. To address infrastructural challenges, policymakers in the region must mobilise the financing needed to invest in electricity generation, transmission and distribution; critical internet connections, and the hardware and software systems needed to provide internet services such as fibre optic links. AfriLabs will leverage insights from its network, partners and fintech startups across the continent to influence policymakers to implement the appropriate consumer- and data-protection rules to ensure consumer trust. This is especially important as the FinTech sector is continually innovating bringing about new solutions, such as digital micro-lending, many of which are partially or not yet regulated. Moreover, AfriLabs could work as a convener or part of a consortium to stimulate the adoption by FinTech providers of a voluntary set of principles that ensure customers’ trust and protection. In relation, AfriLabs supports the AFCFTA recently launched Pan-African Payment and Settlement System that offers interoperability of continent-wide payments systems as a first step to improving cross-border digital financial services
Made with FlippingBook - Online Brochure Maker