The crowdfunding industry in Africa is expanding, becoming more diverse and more widely recognised in the process. We recently reported on the potential the continent holds in the P2P lending field, as well as the inaugural and upcoming FinTech Academy Africa event, which will be held in Johannesburg later this month.
We recently began working with Khonology, who are based in South Africa, to spread the word about crowdfunding and P2P lending; explain the potential behind the idea; and assist organisations in creating and launching new platforms throughout Africa.
Recent reports explain that South Africa’s Financial Services Board are planning to rule whether or not specific rules relating to equity crowdfunding will be created. This ruling will be made by the 30th June this year.
According to an article on the topic, the ruling follows the creation of a crowdfunding research report by the board. The report, which will not be made public, was designed to gain insight into supervision of related activities elsewhere.
Rules and regulations relating to the industry are gradually coming into play in Africa. This is a good sign for the African FinTech field; it means that the bodies responsible for regulating developments within the sector are seeing the need for clear guidelines that avoid confusion. This in turn suggests that the industry is evolving, suggesting that African countries could become notable players on the global FinTech field.