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VOL. 7, ISSUE 4 (2025)
Unlocking Africa's fintech potential: Resolving jurisdictional gaps in cross-borders digital banks acquisition under AFCFTA
Authors
Zahradeen A Ahmad, Aisha B Ahmad
Abstract
This paper examines the legal and regulatory challenges affecting
cross-border digital banking acquisitions under the African Continental Free
Trade Area (AfCFTA) and explores pathways to harmonize fintech regulation
across Africa. The study highlights how varying national laws such as Nigeria’s
BOFIA 2020 create jurisdictional conflicts that impede regional fintech
integration. It further analyzes the AfCFTA’s Protocol on Trade in Services,
particularly Annex 4, as a framework for liberalizing financial services and
promoting digital financial inclusion. However, the lack of mutual recognition
mechanisms, inconsistent data protection regimes, and fragmented supervisory
systems remain significant barriers. The paper adopts a
doctrinal and analytical approach, reviewing legal texts, economic theories,
and secondary data to achieve its objectives. Also, the paper
argues that adopting mutual recognition agreements, harmonized AML/CFT
standards, and interoperable data frameworks is essential to unlock Africa’s
fintech potential. It recommends regulatory convergence under AfCFTA as a
sustainable solution to strengthen financial integration, consumer protection, and
economic growth across the continent.
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Pages:86-90
How to cite this article:
Zahradeen A Ahmad, Aisha B Ahmad "Unlocking Africa's fintech potential: Resolving jurisdictional gaps in cross-borders digital banks acquisition under AFCFTA". International Journal of Law, Policy and Social Review, Vol 7, Issue 4, 2025, Pages 86-90
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