Fintech is booming – but regulation, risk, and trust will decide who wins
Rapid growth in South Africa’s fintech sector is giving way to a tougher phase shaped by regulation, competition, and the race for customer trust.
COFI
UPDATED | Minister gives notice of COFI’s ‘introduction’ in National Assembly
Treasury takes the next step in financial sector reform.
COFI Bill approved for submission to Parliament
Omnibus AML/CFT Bill also gets the nod for tabling.
FSCA signals delay to Omni pilot as rollout reaches ‘inflection point’
Officials outline key supervisory areas affecting financial institutions, with a focus on governance, AML controls, cyber resilience, and consumer-facing risks.
Phased COFI implementation requires early impact mapping, FSCA says
The Authority urges financial firms to assess the likely impact of the COFI framework across governance, licensing, product design, and data.
Regulation must adapt to a more complex financial system, says Kamlana
Unathi Kamlana says regulation must evolve with a more complex, technology-driven financial sector, with greater focus on accountability and customer outcomes.
Key fintech policy developments to watch in 2026
Regulatory initiatives across payments, digital assets, open finance and embedded finance are expected to progress this year.
Draft amendments aim to remedy gaps in AML framework
The Bill largely clarifies and strengthens existing AML/CFT expectations rather than introducing a new regulatory philosophy.
A way out sought for consumers stuck in debt counselling
The National Debt Counselling Association is pushing for a regulated mechanism to remove consumers from incomplete debt counselling caused by life-changing events.
NDCA pushes for fit and proper requirements for debt counsellors
The Association’s proposal will embed COFI’s principles and the TCF outcomes into debt-counselling practice.
Last chance to book for Moonstone’s compliance webinar
The agenda includes the OMNI-Risk Return, COFI, FICA Business Risk Assessments, and practical cyber-resilience guidance.
FSCA is aligning its work with COFI before the Bill becomes law
The new Integrated Regulatory System will deliver a single, unified view of entities and support an activity-based supervisory model aligned to COFI’s principles.
From OMNI-Risk to cyber risk – don’t miss Moonstone’s compliance webinar
Registration is open for Moonstone Compliance’s Regulatory Update Webinar on 12 November.
New Rules for Adjudicator emphasise efficiency, consistency, and COFI readiness
The draft Rules for the Office of the Pension Funds Adjudicator formalise existing procedures and align the OPFA with COFI and the cross-scheme framework.
COFI will redefine the OPFA’s role and scope
Expanding the Office’s mandate to include disputes involving advice will enhance member protection, but there are concerns over jurisdictional overlaps and operational costs.
ASISA report: ownership gains, management equity lags, new targets raise pressure
The misalignment between the FSC benchmarks and stricter government employment equity targets is set to increase the transformation pressure on life offices and asset managers.
How COFI will affect the retirement funds industry
COFI replaces the registration model with a conduct-focused licensing regime for retirement funds – a step that will raise governance, fit-and-proper checks and public disclosure requirements across the sector.
