• Mobolaji Bammeke, Chief Regulatory and Data Protection Officer at Flutterwave


• 04.11.2025 02:30 pm
#AfricaDigitalEconomy #Regulation

Across Africa, digital payments are transforming how people live, trade, and connect. From small market stalls in Lagos to online entrepreneurs in Nairobi, fintech has become an essential bridge to financial inclusion. The scale of this shift is immense: Africa’s digital payments market is projected to grow by more than 15% annually between 2023 and 2026, according to McKinsey. Yet growth without trust cannot be sustained. In 2022 alone, over $1.5 billion was lost globally to mobile money fraud, with Africa being among the most affected regions, according to the GSM Association (2023). Behind these numbers are people, families, and small businesses whose livelihoods depend on safe and reliable financial systems.

As Chief Regulatory Officer at Flutterwave, my role is a natural progression from my earlier work in compliance. Today, my focus is on how we, as a company, meet and adapt to government regulations across diverse African markets. This is not simply about ticking boxes; it is about building a regulatory environment that safeguards users, strengthens economies, and enables innovation to flourish.

Africa presents a distinctive regulatory landscape. With 54 countries, each at different stages of digital adoption, rules evolve at different speeds. For example, Kenya’s Data Protection Act and Nigeria’s Data Protection Regulation both set high standards, but they are applied in very different contexts. My job, and the job of my team, is to work hand-in-hand with regulators to ensure that Flutterwave operates not only in line with the law but in a way that anticipates emerging risks and addresses the realities of our users.

One reality is that millions of Africans are still coming online for the first time. As of 2023, 45% of adults in sub-Saharan Africa remained unbanked, according to the World Bank. For many of them, mobile money or digital wallets are their first experience of formal finance. This opportunity also brings vulnerability. Limited digital literacy makes users more susceptible to fraudsters who impersonate financial institutions, drain wallets, or promote fake investment schemes. Regulation, therefore, should not be a distant, bureaucratic process, but a frontline defence for everyday people. 

At Flutterwave, we see our responsibility in three key areas. First, designing technology that works for Africa’s unique conditions: from fraud detection systems trained on local transaction patterns to multilingual alerts that warn users of suspicious activity. Second, collaborating closely with regulators and industry bodies such as the Central Bank of Nigeria and the Bank of Ghana to strengthen collective defences. And third, ensuring that users are informed and empowered, whether through real-time alerts, awareness campaigns, or partnerships with community organisations that can reach those beyond urban centres.

The lesson is clear: trust cannot be built in isolation. Regulators, fintech companies, and users must all be active participants in creating a safe digital economy. By aligning innovation with sound regulatory practice, we ensure that progress in Africa’s digital economy is both inclusive and sustainable.

The future depends on whether we can give millions of Africans the confidence to participate fully in the digital age. That requires more than technology; it requires a commitment to fair rules, transparent practices, and above all, protecting people. Regulation, when done right, makes this possible. It is the invisible architecture of trust that allows fintech to move Africa forward.