South Africa’s fintech sector has evolved from a niche disruptor into a pillar of the digital economy, fuelled by rapid digital adoption and entrepreneurial growth. Regulators are now tasked with supporting innovation in decentralised finance and AI while safeguarding market stability and consumer protection.
Coordinated oversight has been central to that effort. The Intergovernmental Fintech Working Group, bringing together the National Treasury, the South African Reserve Bank and the Financial Sector Conduct Authority, promotes a harmonised and principle-based regulatory approach.
A significant turning point came when crypto assets were classified as financial products under the Financial Advisory and Intermediary Services Act. Licensing requirements for Crypto Asset Service Providers and alignment with Financial Action Task Force standards strengthened consumer safeguards and anti-money laundering controls.
Fintech also plays a growing role in financial inclusion, particularly through mobile money, digital lending and digital payments. Wider access to affordable financial tools supports inclusive economic growth across underserved communities.
