By Ephraim Agbo
Don't you think? Africa’s fintech space is on fire.
From Lagos to Nairobi, we’re seeing apps that let people send money with a tap, buy insurance without paperwork, and even invest in stocks from their phones. It’s wild. It's innovative. It's inspiring.
But here’s the elephantin the room:
💣 There’s a massive compliance gap threatening all of this growth.
And if fintech startups don’t fix it — fast — we might just watch the entire house of cards wobble when it should be taking flight.
🧠 But, What Exactly Is the Compliance Gap?
It’s simple, really. While many fintechs are racing to launch new features and chase funding, they’re skipping the boring-but-crucial stuff like:
- Building strong Anti-Money Laundering (AML) systems
- Following Know Your Customer (KYC) rules properly
- Securing user data with international standards
- Putting proper risk checks in place
- Having a serious compliance team — not just one guy in the corner
These aren’t just legal obligations. They’re trust-builders. Without them, the whole system is sitting on shaky ground.
💬 Griffith Onus Ehebha Says It Like It Is
At a recent leadership roundtable, Griffith Onus Ehebha, former Chief Risk Officer at Interswitch, didn’t hold back. His message?
“Too many fintechs treat compliance like a formality. But those who make it a core part of their growth strategy? Those are the ones who’ll scale globally.”
He’s not just talking. He’s done the work — helping Interswitch earn top-tier certifications like ISO 22301 and PCI DSS, not as PR trophies, but as tools to make the business bulletproof.
🌍 Why It Matters More Than Ever
Here’s the harsh truth: you can’t scale globally if your compliance is trash.
You want to expand to Europe, the UAE, or the U.S.? You’ll need serious paperwork.
You want to land a big investor? They’ll ask for risk reports, audits, and governance checks.
You want to survive a cyberattack or regulatory heat? Your compliance systems are your first line of defense.
So if your fintech startup is playing hide-and-seek with compliance, you're not being clever — you're being risky.
💸 Compliance Isn’t a Dream Killer — It’s a Dream Enabler
Let’s bust this myth once and for all:
Compliance doesn’t kill innovation.
If anything, it fuels it.
Think about it: when users trust your system, when regulators give you the green light, and when investors are confident in your operations, you can actually move faster — not slower.
What’s really slowing down African fintechs isn’t compliance — it’s the lack of it.
🎯 So, What Needs to Change?
Here’s the fix, plain and simple:
✅ 1. Make Compliance Part of Your Culture
Not just some legal checkbox. Train your team. Talk about it in board meetings. Make it sexy (okay, maybe not sexy, but important).
✅ 2. Get Certified
Look into global standards like ISO, GDPR, and PCI DSS. These open doors and show you mean business.
✅ 3. Automate What You Can
Use RegTech tools to streamline KYC, risk assessment, and fraud detection. You don’t need a 20-person team if your tech is smart enough.
✅ 4. Think Long-Term
Don’t just prepare for your next funding round. Prepare for your next 10 years. Big players play the long game.
💡 Bottom Line: Compliance Is the New Currency
If there’s one thing African fintech founders, teams, and investors should take away from this — it’s this:
In today’s world, compliance equals credibility.
It’s not just about keeping regulators off your back — it’s about proving you’re worthy of trust, scale, and serious money.
So yes, keep building those dope apps. Keep solving real problems.
But don’t ignore the unsexy stuff — because that’s what’s going to make your business unstoppable.
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