African regulators increase oversight of crypto and digital payments

Sub-Saharan Africa saw over US$205 billion in on-chain virtual-asset value over the past year, a 52% annual growth rate that is forcing regional regulators to shift from debate to active rule-making. Nigeria accounted for approximately US$92 billion of this total, while Ghana remains one of the region's five largest virtual-asset markets. Dr. James Klutse Avedzi, Director-General of Ghana’s Securities and Exchange Commission, noted that digital assets have integrated into the financial architecture before many governments could finalize regulatory responses.

In Central Africa, the Central African Banking Commission (COBAC) is increasing scrutiny of digital payment intermediaries. During a meeting in Malabo, regulators discussed how customer funds move through payment providers and aggregators, expressing concern over how certain transactions are recorded and how funds pass through intermediary accounts. While no new regulations were announced, the move highlights growing oversight of the region's expanding mobile money and digital payment sectors.