{ "jurisdiction_id": "AFR", "jurisdiction": "Africa", "url": "https://payments.gi/jurisdictions/africa/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 67, "source_register": 105 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/africa/#w1a-licensing-authorisation-market-access", "standing_position": "AFR's payments licensing landscape is fragmented and mobile-money-led: SARB is mid-consultation on its activity-based Authorisation Framework (third draft, comments closed 15 June 2026, final publication expected Q3 2026), running alongside the COFI Bill; Nigeria's CBN reshaped fintech licensing conditions via its Fourth Edition FX Manual and new cross-ownership market-power caps on issuing vs acquiring; Kenya's PSP licensing remains under the 2014 NPS Regulations with no activity-based overhaul yet announced.", "findings": [ { "finding": null, "instrument_type": "primary_statute_and_draft_directive", "source": "Lexology / Bowmans / SARB draft Authorisation Framework", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "draft_framework", "source": "SARB Authorisation Framework & Exemption Notice; PA Prudential Communication 10 of 2026 (resbank.co.za)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "regulator_circular", "source": "Central Bank of Nigeria — Payment Service Providers framework (cbn.gov.ng)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "regulator_guideline", "source": "CBN Payment Service Bank Guidelines (primary)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "primary_statute", "source": "Central Bank of Kenya — National Payment System Act 2011 (primary)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "regulator_capital_schedule", "source": "Lexserve / KDS Advocates", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/africa/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Safeguarding across the bloc rests on client-fund segregation/trust mechanisms rather than a harmonised EU-style CASS regime. South Africa's new framework for the first time enables non-banks to hold client funds with segregation and minimum capital; Nigeria restricts fund-holding to MMOs/PSBs; Kenya requires trust accounts at CBK-licensed banks. Conduct/consumer-protection sits with FSCA (SA), the CBN Consumer Protection Framework (NG) and the Consumer Protection Act 2012 (KE).", "findings": [ { "finding": null, "instrument_type": "draft_framework", "source": "MS Solutions Group / Bowmans", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "regulator_objects", "source": "SARB Authorisation Framework (activity-based); NPS Bill (resbank.co.za)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "regulator_rule", "source": "Central Bank of Nigeria — PSP/PSSP licensing (cbn.gov.ng)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "regulator_framework", "source": "CBN PSB Guidelines (primary)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "regulator_requirement", "source": "Central Bank of Nigeria — PSS licence categories (cbn.gov.ng)", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/africa/#w2-stablecoins-digital-money", "standing_position": "The bloc has shifted from prohibition to licensing on digital money. Nigeria's eNaira CBDC (launched Oct 2021) has effectively failed on adoption, while regulated naira stablecoin cNGN launched in 2025 under SEC/CBN oversight and the Investments and Securities Act 2025 brings digital assets including stablecoins under SEC regulation with reserve-backing and audit requirements. South Africa's FSCA classifies crypto as a financial product under FAIS; Kenya issued a draft VASP Bill in March 2025. South Africa's Project Khokha remains a wholesale CBDC experiment.", "findings": [ { "finding": null, "instrument_type": "primary_statute", "source": "SEC Nigeria — Rules on Issuance/Custody of Digital Assets; Investments and Securities Act 2025 (sec.gov.ng)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "market_development", "source": "SEC Nigeria Digital Assets Rules; IMF SIP 2025 (imf.org)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "cbdc", "source": "Milken Institute / All Business Africa (IMF data cited)", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "regulator_classification", "source": "Builders in Fintech / All Business Africa", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "draft_bill", "source": "Ripple / Builders in Fintech", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "regulator_initiative", "source": "FinancialContent / markets", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/africa/#w3-operational-resilience-critical-infrastructure", "standing_position": "There is no single DORA-equivalent across the bloc; resilience is built into national payments vision documents and cyber directives. SARB has issued a directive on cybersecurity and cyber-resilience within the national payment system. Nigeria's Payments System Vision 2028 prioritises cyber resilience and fraud monitoring, supported by the CBN Risk-Based Cyber-Security Framework (2018) and a cybersecurity levy on electronic transfers. The region saw major 2025 telecom/financial breaches, prompting regulators to enforce data-protection penalties.", "findings": [ { "finding": null, "instrument_type": "regulator_directive", "source": "Cyber Era", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "regulator_strategy", "source": "Punch / Lawyard (CBN Payments System Vision 2028)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "regulator_framework", "source": "Manifield Solicitors", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "incident_record", "source": "TechCabal", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/africa/#w4-scheme-network-compliance", "standing_position": "Card-scheme compliance across the bloc runs on PCI DSS enforced contractually by Visa/Mastercard plus national mandates. Nigeria's CBN makes PCI DSS compliance mandatory via its Guidelines on Operation of Electronic Payment Channels and Guidelines for Card Issuance. South Africa enforces PCI DSS through banks/card networks alongside POPIA, with PASA legacy card-imprint rulings creating local friction. Nigeria also hosts homegrown card scheme Verve (Interswitch) and the NIBSS NQR national QR standard.", "findings": [ { "finding": null, "instrument_type": "regulator_guideline", "source": "Mondaq (Nigeria PCI DSS)", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "contractual_standard", "source": "Netcash", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "scheme_friction", "source": "ASATA", "source_url": null, "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "scheme_infrastructure", "source": "Businessfront / ACI", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/africa/#w5-payment-corridor-dynamics", "standing_position": "The defining bloc-wide rail is PAPSS — a pan-African RTGS launched Jan 2022 by Afreximbank and the AU to enable cross-border payments in local currencies, with Afreximbank as settlement agent. By early 2025 it spanned 17 countries, 14 national switches and 150+ banks; Kenya's PesaLink joined and a Nigeria-Ghana wallet corridor went live in February 2026. Remittance costs remain high (~7.4–8.4% to SSA, up to 12.7% on SA-Zimbabwe). Mobile money and emerging IPS linkages are undercutting correspondent banking.", "findings": [ { "finding": null, "instrument_type": "regional_infrastructure", "source": "PAPSS / Wikipedia / Afreximbank", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "rail_expansion", "source": "MicroSave / Duplo", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "corridor_data", "source": "TransUnion / MicroSave", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "corridor_diagnostic", "source": "IMF / SARB Technical Assistance Report (primary)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "corridor_launch", "source": "Duplo", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/africa/#w6-industry-structure-commercial-dynamics", "standing_position": "The market is fintech-led and increasingly consolidating after a funding freeze and currency shocks. Nigeria's switching/infrastructure layer is concentrated around Interswitch, NIBSS, UPSL and Etranzact, while Flutterwave, Paystack and Moniepoint compete for control of the financial infrastructure. The naira lost over 70% against the dollar 2023–2024, compressing dollar-priced valuations. The African fintech sector grew from ~450 companies in 2022 to over 1,000 by 2024.", "findings": [ { "finding": null, "instrument_type": "market_structure", "source": "Businessfront", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "competitive_dynamics", "source": "BusinessDay", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "macro_context", "source": "BusinessDay", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "sector_growth", "source": "Duplo", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/africa/#w7-legal-litigation", "standing_position": "Payments-related legal activity centres on enforcement and fraud-liability rather than landmark litigation. Nigeria's CBN has issued direct enforcement actions (fines and NIBSS settlement-account debits for fraud proceeds), and a 2022 Kenyan High Court ruling broadened the PSP definition to include SWIFT-using processors. Fintech litigation in Nigeria spans glitches, fund reversals and unauthorised access. Enforcement and consumer-redress mechanisms are tightening across the bloc.", "findings": [ { "finding": null, "instrument_type": "regulator_enforcement", "source": "TechCabal", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "regulator_enforcement", "source": "TechCabal", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "court_ruling", "source": "Lawzana / MasiboLaw", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "litigation_pattern", "source": "SRJ Legal", "source_url": null, "source_tier": "4", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/africa/#w8-merchant-acquiring-risk", "standing_position": "Merchant acquiring across the bloc is increasingly bound by mandatory transaction-monitoring and AML obligations. Nigeria's CBN March 2026 Baseline Standards require automated merchant-level transaction monitoring with full compliance by 2028; South African PSPs are accountable institutions under FICA with CDD, RMCP and STR/CTR obligations. High-risk-merchant treatment (forex, betting, adult content, unlicensed crypto) and chargeback/dispute friction drive risk-averse onboarding. Nigeria now requires GPS tracking on POS devices at recertification.", "findings": [ { "finding": null, "instrument_type": "regulator_standard", "source": "Youverify", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "primary_statute", "source": "Youverify", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "risk_treatment", "source": "SRJ Legal", "source_url": null, "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "operational_control", "source": "NIBSS", "source_url": null, "source_tier": "2", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/africa/#w9-product-innovation-market-development", "standing_position": "The bloc is instant-payments-led. Nigeria's NIBSS Instant Payment (NIP) is Africa's largest IPS and among the world's top six, the first African IPS to reach 'Maturity' on AfricaNenda's Inclusivity Spectrum, now upgrading to a National Payment Stack on ISO 20022. South Africa's PayShap (RPP, live 2023) processed 100m+ transactions in year one. Open banking is advancing (Mono/Flutterwave); CBDC pilots run in Nigeria (eNaira), South Africa (Project Khokha) and Ghana (eCedi). Regulatory sandboxes operate in Nigeria (2021) and elsewhere.", "findings": [ { "finding": null, "instrument_type": "rail_milestone", "source": "Zone Network / NIBSS / ACI", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "rail_launch", "source": "FACEPHI / Netcash", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "infrastructure_upgrade", "source": "NIBSS National Payment Stack", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "open_banking", "source": "Flutterwave / Finovate", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory_sandbox", "source": "Manifield Solicitors", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/africa/#w10-consumer-protection-app-fraud", "standing_position": "Consumer protection sits with FSCA (SA), the CBN Consumer Protection Framework (NG) and the Consumer Protection Act 2012 (KE). APP/authorised-fraud liability is an emerging frontier: the CBN's draft APP-fraud rules introduce mandatory refunds, strict investigative timelines and Board-level fraud oversight. Nigerian banks and customers lost ₦134.48bn to fraud over 2020–2025, prompting the Payments System Vision 2028 consumer-protection and fraud-monitoring agenda. South African digital-banking fraud losses also remain material.", "findings": [ { "finding": null, "instrument_type": "draft_rule", "source": "Finance in Africa", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "fraud_data", "source": "Punch / National Accord (CBN Payments System Vision 2028)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "fraud_data", "source": "CyberCube", "source_url": null, "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "primary_statute", "source": "Lexserve", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/africa/#w11-aml-cft-financial-crime", "standing_position": "sentinel. Carried position only — no original WPM illicit-finance analysis. In October 2025 the FATF removed Nigeria and South Africa (with Mozambique and Burkina Faso) from the grey list after completing their action plans, easing correspondent-banking and de-risking pressure. South Africa's reforms included a beneficial-ownership register, expanded DNFBP supervision and sharply higher FSCA AML fines. The payments-context implication is reduced enhanced-due-diligence friction and narrower risk premia on intra-African flows.", "findings": [ { "finding": null, "instrument_type": "sentinel_position", "source": "sentinel. (weeTracker / Global Law Today)", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": "AML/CFT/CPF frameworks across Africa are administered through four FATF-style regional bodies (GIABA-West Africa, GABAC-Central Africa, ESAAMLG-Southern/East Africa, MENAFATF-North Africa overlap). Technical compliance has improved markedly since 2023, with four states exiting the FATF grey list in October 2025, but implementation gaps persist in BO transparency, DNFBP supervision, TFS enforcement, and gold/mineral supply-chain traceability, particularly in conflict-affected states.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Africa (continental bloc — parent of NG, KE, ZA)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: sourcing-thinness", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Sanctions: FATF delisting", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-004)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Gap: capacity-deficit", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-005)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: legal-gap", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: political-constraint", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/africa/#w12-correspondent-banking-settlement-access", "standing_position": "De-risking is the structural problem the bloc is engineering around. Global banks terminated relationships with 127 African institutions during 2024–2025, and ~70% of SADC cross-border remittances were pushed into informal channels after FATF grey-listing terminated correspondent lines. PAPSS settles intra-African flows in local currency with Afreximbank as agent, bypassing offshore USD/EUR clearing. The October 2025 FATF delisting of Nigeria and South Africa narrows risk premia and eases correspondent-banking access. Central-bank settlement access runs via national RTGS and PAPSS central-bank linkages.", "findings": [ { "finding": null, "instrument_type": "de_risking_data", "source": "Duplo", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "de_risking_impact", "source": "MS Solutions Group", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "settlement_mechanism", "source": "LEX Africa / trade.gov", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "access_impact", "source": "Finance in Africa (IMF WP/21/153 cited)", "source_url": null, "source_tier": "2", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/africa/#w13-commercial-intelligence-fintech", "standing_position": "Trailing-12-month window (run date 2026-06-20). African payments M&A and funding are consolidating: Flutterwave acquired open-banking firm Mono (announced 5 Jan 2026, completed Dec 2025, all-stock; value undisclosed but stated above Mono's ~$17.5m raised), gaining a Nigerian national microfinance banking licence (April 2026). Moniepoint raised a $200m+ Series C (Oct 2025) and acquired Bancom Europe and a majority stake in Kenya's Sumac Microfinance Bank. PAPSS launched PAPSSCARD (June 2025).", "findings": [ { "finding": null, "instrument_type": "ma_event", "source": "PRNewswire / Techpoint / TechCabal", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "licence_event", "source": "TechCabal", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "funding_round", "source": "FinTech Global", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "ma_event", "source": "BusinessDay", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "product_release", "source": "Afreximbank", "source_url": null, "source_tier": "2", "retrieved_at": null } ] } ] }