In a joint effort to address the growing complexities of regulatory compliance in the African fintech sector, Digital Jewels, in collaboration with the Africa Fintech Network, hosted a highly informative webinar titled: “Navigate and Comply with Regulations with Ease through International Standards and Industry Frameworks: Fostering a Culture of Transparency and Accountability.” The online event attracted key players from the fintech industry, providing valuable insights into the complexities of regulatory compliance.
The fireside chat featured esteemed industry leaders, including Mitchell Elegbe, Group Managing Director/CEO of Interswitch Group, and Ali Hussein Kassim, Chairman of the Association of Fintechs in Kenya.
During her opening remarks, Digital Jewels CEO, Adedoyin Odunfa, expressed her enthusiasm on the collaboration between Digital Jewels and the Africa Fintech Network “This partnership with the Africa Fintech Network marks a significant step forward in addressing regulatory challenges. We believe that international standards can help FinTechs comply with ease while fostering a culture of transparency and accountability. The insights shared here today will undoubtedly benefit everyone in the fintech ecosystem.”
The event kicked off with a presentation from Tokunbo Taiwo, Group Executive Director and CTO of Digital Jewels, who mapped out the evolution of fintech, highlighting the sector’s rapid growth drivers, such as financial inclusion initiatives, the shift away from cash transactions, and increased funding for innovation. He also outlined the operational challenges that fintech organizations face and stressed the importance of regulatory compliance as a key driver for growth.
“Fintech in Africa is growing at an unprecedented rate, ranking in the top 10 globally and 3rd in Nigeria. This growth is fueled by a young, urbanizing population, increased digital penetration, and the post-COVID acceleration of digital services,” noted Taiwo. He also emphasized the importance of frameworks like ISO 27001 and PCI-DSS, which allow companies to create a unified compliance system that satisfies both local and international regulatory requirements.
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Mitchell Elegbe, Group Managing Director/CEO of Interswitch Group, in his fireside chat with Digital Jewels CEO, reflected on Interswitch’s journey and how strong corporate governance played a pivotal role in the company’s rise to become Africa’s first unicorn. “Back in 2002, we faced significant challenges in gaining trust as a payment company in Nigeria. It was critical for us to be ahead of the curve with compliance and governance to build trust with both customers and regulators. That decision ultimately saved us and allowed us to grow into what we are today,” Elegbe remarked. He also appreciated Digital Jewels for helping Interswitch adopt global best practice standards, which significantly improved their operational efficiency and security.
Ali Hussein Kassim, an entrepreneur and advocate for tech policy and Chairman of the Association of Fintechs in Kenya, shared his perspective and pointed out that Kenya and East Africa, despite being pioneers in mobile money and financial inclusion, still lag behind in adopting global best practices.
“The most interesting tech engagement and evolution will be the meshing of regtech and subtech so that we don’t have these humongous reporting structures every month to policy makers and regulators. It can be real time.” He explained how this technological shift could allow for more agile compliance processes, benefiting both fintech companies and regulators.
In her concluding remarks, Adedoyin Odunfa, emphasized the importance of proactive regulatory compliance in the fintech space for sustainable growth and pervassive impact.
“Ignorance is not an excuse under the law, so it’s crucial that fintechs stay informed and ahead of the regulations they need to comply with. Don’t wait for the regulator to catch up with you. Being ahead of regulation is not just about compliance—it’s about positioning yourself competitively in the market,” She stated.
In addition to the success of this webinar, there is already significant buzz about the second part of the series, which is set to take place next Tuesday, focusing on the East African fintech landscape. This follow-up session promises to address region-specific regulatory concerns while building on the broader strategies covered in the initial webinar.
