South Africa: Financial Services

South Africa's Financial Intelligence Centre has issued Guidance Note 7B, updating the risk-based approach under FICA with important clarifications on proliferation financing, new technology risks, and due diligence...

Africa's mobile money market is entering a new phase of regional integration, with payment rails becoming increasingly central to commerce and platform growth. Major developments include Vodacom Tanzania's partnership with Thunes for real-time international payments, MTN Rwanda's strong mobile money earnings, and Tunisia's launch of TUNPAY to unify mobile payment systems nationwide. These shifts mark a transition from domestic mobile wallet adoption to a more interoperable regional payment architecture that

African regulators advanced virtual asset oversight in Q2 as stablecoins moved closer to formal financial systems through new regulations and commercial pilots. From Kenya's crypto trader disclosure requirements to Tanzania's first stablecoin sandbox and Nigeria's expanded regulatory incubation programme, the continent is formalising digital currency frameworks. Commercial momentum accelerated with Visa, M-PESA Africa and Onafriq launching DRC stablecoin pilots for cross-border mobile money transactions.

South Africa's new binding shareholder vote regime on executive remuneration creates an unprecedented conflict with banking prudential regulation, potentially allowing shareholders to override the Prudential Authority's carefully...

South Africa's legal framework for cryptocurrency and exchange control has entered uncertain territory following two contradictory High Court rulings.

Banks are rapidly deploying artificial intelligence across critical functions like credit decisioning, fraud detection, and customer engagement, but beneath the efficiency gains lies a growing risk: AI debt.

Section 14(1) of the Insurance Act, 2017 provides that the appointment of certain key persons “must be approved by the Prudential Authority and takes effect only if the Prudential Authority approves the appointment”.

One of the highlights of my career has been working as a law researcher for Chief Justice Mogoeng Mogoeng in 2017 / 2018 at the constitutional court of South Africa.

The recent lawsuit against JP Morgan Chase has attracted attention not simply because of the value involved, but because it serves as a reminder that even major financial institutions...