Industry experts urge harmonized regulations to boost Africa’s $65B virtual asset market, improving cross-border access and innovation.
Fintech leaders across Africa are advocating for harmonized regulations governing virtual assets to streamline operations and foster broader market access. The appeal emerged at the LeadIn Fintech Summit, a two-day event in Accra hosted by Precept and the Ghana Interbank Payment and Settlement Systems (GhIPSS).
The summit brought together entrepreneurs, regulators, investors, and technologists to explore pathways for developing Africa’s growing digital finance sector. Discussions focused on creating regulatory frameworks that balance innovation with consumer protection, while facilitating cross-border activity.
GhIPSS Chief Executive Clara B. Arthur opened the summit by highlighting the transformative potential of fintech. She described the sector as an “enabler of opportunity,” capable of extending banking services to underserved populations while enhancing transparency and security. Arthur urged participants to “think differently, act boldly, and innovate responsibly” in response to the sector’s rapid evolution.
Projections suggest Africa’s virtual asset industry could reach $65 billion within five years, underscoring the need for coordinated oversight. Regulatory fragmentation currently forces fintech firms to navigate disparate national frameworks, raising compliance costs and limiting regional expansion. Summit speakers argued that uniform rules would reduce these barriers and strengthen Africa’s global competitiveness.
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Panelists emphasized public engagement and education as critical to sustainable sector growth. Effective communication on risks and benefits, they noted, is key to building public trust in virtual assets and other emerging financial technologies.
Several experts proposed a phased approach to harmonization, starting with countries that have mature fintech infrastructures and legal frameworks. Early adopters would create model regulations, providing a roadmap for other nations as their domestic systems evolve. This strategy aims to balance immediate progress with inclusive continental participation.
The Bank of Ghana is already developing regulatory standards for virtual assets, seeking to protect consumers while allowing innovation. Its efforts mirror broader continental trends, as African central banks grapple with overseeing traditional financial systems alongside emerging digital technologies.
On the summit’s second day, participants explored applications of artificial intelligence and data analytics in financial services, examining how these tools can enhance service delivery, risk management, and customer experience.
Experts emphasized that Africa’s ability to capture value from virtual asset growth depends on seamless regulatory coordination. Harmonized rules, they argue, will not only attract investment and facilitate innovation transfer but also strengthen the continent’s collective position with international technology partners and regulatory bodies.
As Africa’s digital finance ecosystem expands, unified regulatory frameworks could determine whether the continent fully realizes its potential in the emerging global virtual asset market.
Africa Daily News, New York
