Financial sector innovation in Africa

The RRI programme, a partnership between Cenfri and FSD Africa, aimed to increase financial inclusion and strengthen risk management in sub-Saharan Africa. It removed barriers for an estimated 5.6 million people, supported over 338,000 remittance users, and provided capacity-building to 750 regulators and 530 financial service providers. Key findings highlight the need for regional payment and data integration to support the African Continental Free Trade Agreement (ACFTA) and suggest that simple adaptations to supervisory processes are more effective for regulators than complex regulatory sandboxes.

• The RRI programme removed barriers to inclusive finance for an estimated 5.6 million people and helped financial service providers improve products for over 361,000 people. This included supporting over 338,000 remittance receivers or cross-border traders in using new products or channels, and enabling nearly 24,000 low-income households to access insurance.
• The programme provided capacity-building and advice to a wide range of stakeholders to foster innovation and inclusive finance, including 750 regulators, supervisors, and policymakers, and 530 financial service providers. It brokered 13 partnerships and worked with 137 financial service providers, ranging from banks to digital platforms.
• The RRI programme influenced 19 regulatory approaches, policies, and frameworks globally, regionally, and nationally. Specific achievements include the adoption of guidance on new insurance technologies by the International Association of Insurance Supervisors (IAIS) and the Access to Insurance Initiative, as well as guiding central banks globally on central-bank digital currency (CBDC) through the International Telecommunication Union.
• The programme identified that while the African Continental Free Trade Agreement (ACFTA) promotes trade, regional financial and data integration is lagging. Many countries prioritize national payments infrastructure and localized data policies, which may undermine regional trade by hindering cross-border data flows and payment systems.
• Regarding regulatory innovation, the programme found that simple adaptations to existing supervisory processes are often more effective and less resource-intensive than national regulatory sandboxes, which can be limited by a lack of capacity and resources across the continent.

APA

FSD Africa (n.d.). Financial sector innovation in Africa. https://fsdafrica.org/wp-content/uploads/2025/05/RRI-impact-infographic_final.pdf

Chicago

FSD Africa. Financial sector innovation in Africa. n.d. https://fsdafrica.org/wp-content/uploads/2025/05/RRI-impact-infographic_final.pdf.

Wikipedia

{{cite report |author=FSD Africa |title=Financial sector innovation in Africa |url=https://fsdafrica.org/wp-content/uploads/2025/05/RRI-impact-infographic_final.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{fsdafricandfinancial, author = {{FSD Africa}}, title = {{Financial sector innovation in Africa}}, institution = {FSD Africa}, url = {https://fsdafrica.org/wp-content/uploads/2025/05/RRI-impact-infographic_final.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }