Never miss a beat on Africa's legal and regulatory landscape.
In this legal update, we discuss key highlights of the Foreign Exchange (Bureau de Change) Regulations of 2023 (the 2023 Regulations), which came into force on 6 October 2023 and revokes the Foreign Exchange (Bureau de Change) Regulations of 2019 (the 2019 Regulations). A..
Zambia has joined the select group of African nations taking early initiatives to explore innovative green financing methods for funding projects focused on adaptation and sustainable development. On 29 September 2023, Zambia’s Minister of Finance and National Plann..
In June 2023, the Financial Sector Conduct Authority (FSCA) published a draft Position Paper on Open Finance (Draft Position Paper) which builds on the FSCA's initial assessment of the Open Finance landscape published in its 2020 Consultation and Research Paper on R..
The Bank of Tanzania (BoT) has recently issued draft regulations for establishing a Regulatory Sandbox, the Fintech Regulatory Sandbox Regulations 2023. The Regulations aim to create a conducive environment for innovative fintech to be test..
Banks and financial institutions (Bank(s)) are highly regulated in Tanzania. Their compliance with Tanzanian laws and regulations is of paramount importance to ensure smooth operations and transparency. Notably, an example of noncompliance with the relevant Banks laws inc..
On the 13th of July 2023, the Central Bank of Nigeria (CBN) issued a circular with respect to the Corporate Governance Guidelines for Commercial, Merchant, Non-Interest and Payment Service Banks, as well as Financial Holding Companies in Nigeria (new Guidelines) with an e..
The emergence of open banking has transformed the financial landscape, offering customers opportunities to access innovative financial services. However, as the open banking ecosystem continues to evolve, the need to navigate the intersection of data privacy regulations a..
In a recent High Court decision, Safaricom PLC (the Appellant) was condemned to pay KES. 452,868/= to Mr Ronald Wilson Kafwa (the Respondent), one of its customers being part of the amount of money lost by the Respondent from his M-pesa account after the theft of his mobi..
By way of Notice No. 4/GBM/2023, of 14 September 2023, the Bank of Mozambique approved the rules aimed at governing activities carried out by entities (natural or legal) transacting virtual assets in Mozambique (also known as VASPs). In particular, this new statute applie..
