ECA FinTech in Africa: Policy and Regulatory Perspectives 18th Sept, 2018

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1 ECA FinTech in Africa: Policy and Regulatory Perspectives Jamie MacLeod Senior Trade Fellow Africa Trade Policy Centre Economic Commission for Africa 18th Sept, 2018 Trends and Opportunities in the FinTech Sector: A Canada-Africa Perspective 1

2 Overview Content 1. Three pillars of the policy perspective 2. Policy solutions and challenges

3 ECA FinTech policy and regulatory perspectives: 3

4 Africa Finance Gap Numbers Africa has a considerable MSME finance gap $421,423,057,354 Tunisia $7bn Cameroon $9bn Congo, DR. [VALUE] Kenya $19bn Where? Sudan $22bn Tanzania $6bn Nigeria $158bn South Africa $30bn Angola $34bn Morocco $37bn Egypt [VALUE] Source: WB MSME Finance Gap

5 Africa Finance Gap Potential 51% of African MSMEs are financially constrained Source: SME Finance Group

6 Africa Finance Gap Opportunities African financial opportunities 100 years of uncompetitive, oligopolistic, traditional Fin Radical disruption occurring with FinTech Inputs: Big data, AI, machine learning, big data analytics, ICT infrastructure, internet penetration, smart platforms Outputs: M-Pesa, Letshego, MTN Mobile Money, Glo Xchange Saida app leverages users mobile phone data SMS and call logs with a proprietary algorithm to instantly determine the amount and conditions of a loan. Money then transferred into users M-Pesa account. Others use social media data, GPS data, contact lists 4G Capital combines big data analytic lending with MSME business advisory services

7 Digital divide Obstacles Almost 75% of Africans are not using the internet, 2016 Source: ITU

8 Digital divide Obstacles Digital Divide Low internet penetration: only 25% of Africans using internet (2016, ITU) Highest internet costs are in Africa (ITU) Africa s literacy rate 62% (2012, ECA) and lower digital literacy prerequisites for digital technology uptake Considerable spatial inequality: LDC-middle income / rural-urban But Catching up African Internet users is estimated to be growing by as much as 20% year-on-year (Hootsuite, 2018) Number of users in Benin, Sierra Leone, Niger, and Mozambique more than doubled from (Hootsuite, 2018)

9 Policy catch-up Policy goals Policy goals Consumer protection Predatory lending (compounded by digital literacy issues) Fair market competition Digital network effects, natural monopolies, fuelled by big data Circumventing of physical regulations Enforcement of regulations: investigative capacity, rapidly evolving business models While allowing new technologies and businesses to flourish 53% of Asian fintech investors cited tightening regulations as biggest challenge Other times existing regulations can stifle innovation (eg British vs American autos)

10 Policy catch-up Slow policy cycle Delayed policy cycle 5-20 year regulatory catch-up cycle If regulate too slow, consumer/competition damage already done (eg ICOs) or benefits accrue elsewhere (M-Pesa IP) If overregulate can damage competitiveness (eg US drones) Regulatory disruption! sometimes regulatory circumvention intention (labour, taxation, health & safety laws) 30% of nations have no data protection laws (many in Africa) Harmonized regional regulations: eg GDPR and PSD2 Can be important for small fragmented African economies Lack of overarching international legal regulatory harmonisation (eg WTO)

11 ECA Policy solutions: 11

12 Regulatory response Updating Africa finance gap Digital divide New regulatory approaches Slow policy cycle New regulatory approaches Calls for strategic approach: balance over/under regulation Adaptive regulation Regional approaches

13 Regulatory response Opportunities Policy opportunities AfCFTA possible vector for pan-african policy harmonization: Phase II negotiations beginning late this year: competition, investment and IP Research ongoing into place for digital trade / e-commerce provisions in AfCFTA Compatibility and interoperability between legal systems Harmonized policy landscape helps leverage Africa s scale and intra-african trade and investment AU E-Commerce Strategy (under development): policy strategic framework for Africa (won t amount to directives or regulations) ECA Digital IDs: work ongoing investigate social and commercial viability of digital IDs

14 Regulatory response Opportunities Differentiated challenges Specificities across Africa create considerably divergent challenges and opportunities: GSMA (2017) identified 314 active tech hubs in 93 cities across 42 African countries But, rural-urban divide relatively tech savvy Nairobi vs rural Niger Implications for development: Jump to the digital economy more challenging than traditional methods of development: farmers > factory vs farmer to ITC Real policy challenge to ensure the digital economy (and its features and successes, like FinTech) don t leave further behind those furthest behind.

15 THANK YOU! ECA

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