A report released this week reveals a rapid acceleration in the adoption of regulatory technology, known as RegTech across Sub-Saharan Africa, reshaping how financial systems are supervised and expanding access to formal financial services throughout the region.
The 2024 State of RegTech in Sub-Saharan Africa Report presents comprehensive, data-driven insights into the evolving role of technology in regulatory oversight, risk management, and financial inclusion.
The findings underscore a shift from traditional, reactive compliance frameworks to proactive, technology-enabled models that officials say could strengthen market integrity and consumer trust.
At the heart of the report is the observation that RegTech solutions, encompassing artificial intelligence (AI), cloud-based systems and machine-readable regulation are increasingly embedded into the core infrastructure of regulators and financial institutions.
This technological integration is not only helping to streamline regulatory compliance but also enabling broader access to financial services for previously underserved populations.
Historically, regulatory compliance in many African markets was largely manual and reactive, with institutions responding to issues only after they arose.
However, the report highlights a growing trend among central banks and supervisory authorities toward real-time, data-driven oversight using advanced supervisory technology (SupTech).
SupTech, a subset of RegTech focused on tools for regulators, equips authorities with analytic capabilities to spot emerging risks, monitor vulnerabilities and enforce standards with greater precision.
According to the report, this shift enables financial regulators to transition away from fragmented reporting and toward integrated systems capable of early risk detection.
RegTech Africa’s Chief Executive Officer, Cyril Okoroigwe, described the report as a “defining moment for Africa’s regulatory and digital finance ecosystem,” noting that RegTech has evolved from a back-office support function into core infrastructure essential for building trust, enhancing market stability and fostering inclusive growth.
“This report marks a defining moment for Africa’s regulatory and digital finance ecosystem. RegTech is no longer a back-office function, it is now core infrastructure for trust, stability, and inclusive growth.
The report captures how African regulators and market participants are moving from reactive compliance to proactive, technology-driven supervision,” Cyril noted.
A central theme of the report is the impact of RegTech on financial inclusion, particularly in emerging and complex markets where large segments of the population remain outside the formal financial system.
Mobile money platforms, cross-border payment networks and digital identity technologies have already driven inclusion gains; the integration of RegTech further supports this trend by reducing compliance barriers that can restrict service delivery.
Industry leaders cited in the report point to the convergence of RegTech and SupTech as a distinctive model of digital regulation that supports safer markets and stronger consumer protection.
Dr Tunde Ibidapo-Obe, CEO of fintech firm Regfyl, said that Africa’s regulatory environment is forging innovative pathways that other regions are increasingly studying and learning from.
By automating risk identification and compliance processes, RegTech tools can also lower costs for financial institutions, a necessary condition for extending services to low-income users and micro-businesses, who often face prohibitive onboarding and verification requirements.
Industry experts believe that broader RegTech adoption could catalyse a new wave of inclusive digital finance solutions.
The acceleration of RegTech adoption aligns with broader trends in the African financial technology sector, which has been propelled by rapid smartphone penetration, mobile money ubiquity and a vibrant FinTech ecosystem.
Mobile-first markets such as Nigeria, Kenya and South Africa have been at the forefront of digital payment growth, while regulators increasingly look to leverage technology to safeguard financial integrity without stifling innovation.
AI-driven compliance tools, cloud-native infrastructure and machine-readable regulation are among the solutions highlighted in the report as drivers of this transformation.
These technologies enable institutions to automate compliance monitoring and reporting, improving efficiency and allowing regulators to focus on strategic oversight.
Moreover, stakeholders believe that partnerships between regulators, FinTech firms and global development partners will be crucial for scaling RegTech solutions across diverse markets in the region.
As regulatory frameworks evolve to support interoperable digital financial systems, investment and technical collaboration have emerged as key enablers of sustainable growth.
The State of RegTech in Sub-Saharan Africa report is positioned as a strategic benchmark for policymakers, financial authorities, industry leaders and investors seeking to understand the next phase of digital financial infrastructure development.
By capturing current trends and projecting future opportunities, the report aims to inform policy decisions and investment strategies that support both innovation and financial stability.
As Africa’s financial ecosystem continues to evolve, the report suggests that RegTech will play a central role in shaping inclusive, secure and resilient markets, underscoring the continent’s potential as a global leader in regulatory innovation.
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