Can the South African regulatory framework keep up with the evolution of disruptive technologies offered by Fintech: An evaluation of the law regulating Fintech Transactions, with a greater focus on Mobile Money and Crypto-assets, and whether it is an enabler of financial inclusion?

Allie, Tareq

Can the South African regulatory framework keep up with the evolution of disruptive technologies offered by Fintech: An evaluation of the law regulating Fintech Transactions, with a greater focus on Mobile Money and Crypto-assets, and whether it is an enabler of financial inclusion?

Thesis / Dissertation

2026

Publisher

University of Cape Town

Department

Department of Commercial Law

Faculty

Faculty of Law

Abstract

Financial technology (fintech) has rapidly developed throughout the twenty-first century with many global citizens and economies adopting the innovations and initiates which it encompasses. Considering the shift from traditional financial services to more digitally enabled tools and channels, regulators around the world have had to focus their attention on how to adequately regulate these disruptions. Regulators are faced with the dilemma of balancing innovation against the risks that these technologies bring. It is with this backdrop that this study sets out to evaluate whether the South African regulatory framework can keep pace with the evolution of fintech. This is achieved through focusing on and assessing the framework of two specific fintech innovations, namely Mobile money and Crypto assets. Through using doctrinal desktop-based legal research, this dissertation has unpacked key statutes, including the FSR Act, the NPS Act, the Banks Act, the FIC Act as well as the FAIS Act. It has further analysed and extracted journal articles, textbooks as well as online resources such as reports and websites to support the study. This dissertation comprehensively unpacks the current regulatory framework for mobile money and crypto assets as well as the implications it has on the entities and/or fintech companies providing such services. The findings of the study have shown that the current regulatory framework of fintech in South Africa is fragmented, although the regulatory environment is largely progressive in its approach to acknowledging as well as fostering innovation. It has also been found that there is different regulatory treatment to fintech innovation. On the one hand regulators have taken a conservative approach to the regulation of mobile money, which remains very rigid. On the other hand, regulators have been proactive in their treatment of crypto assets in acknowledging their use and function as well as amending existing legislation to accommodate it. The study therefore concludes that while there has been substantial progress in adapting to the fintech disruptions, there should be greater consideration for an encompassing fintech framework through legal reform.

Keywords

financial technology

regulation

Reference:

Collections

Masters

Full item page