Open banking and AI for financial inclusion in Tanzania

by | Nov 8, 2025 | JCLA, JCLA V12 SE

Open banking and AI for financial inclusion in Tanzania

Authors: Jean Chrysostome Kanamugire, Kennedy Joseph Komba

ISSN: 2521-2605
Affiliations: LLB; LLM (Environmental Law); LLM (Business Law) (UKZN); LLD (NWU), Senior Lecturer, Faculty of Law, North-West University; LLB; LLM (UDSM); MBA (MUST); LLD candidate, Faculty of Law, North-West University
Source: Journal of Comparative Law in Africa, Volume 12 Special Edition, p. 101–126
https://doi.org/10.47348/JCLA/v12/2025-SEa4

Abstract

Financial inclusion is a means to enable individuals and businesses to access and utilise a broad range of affordable and appropriate formal financial products and services to improve their financial well-being and standard of living. Advancements in innovation and technology, such as open banking and artificial intelligence (AI), offer opportunities for enhancing financial inclusion. Open banking ensures that consumers are provided the right to share their bank account or financial transaction data with third-party providers of their choice who will provide them with appropriate, convenient, and affordable financial services. This has the potential to enhance financial inclusion by extending the scope of financial service providers under the data sharing infrastructure to serve consumers with a broad range of financial services. Applying AI tools and techniques by banks and financial institutions increases efficiency, reduces operating costs, and enhances the capacity to analyse consumer data. Thus, it enables providing a broad range of affordable financial services tailored to customer needs. The regulation of open banking and AI in financial services fosters the expansion of financial inclusion in several countries. However, in Tanzania, there are still several challenges to implementing and using open banking and AI to expand financial inclusion, particularly in accessing and using banking services. Therefore, a qualitative research methodology is employed in this article to unravel these challenges. The challenges include data authorisation risks, data privacy and security risks, algorithmic discrimination, lack of regulation and supervision, lack of industry standards, inadequate legal frameworks for consumer data rights, lack of regulation of data aggregators, and lack of explicit provision to regulate open banking, and artificial intelligence to advance financial inclusion. This article discusses the challenges of regulating and implementing open banking and AI for financial inclusion in Tanzanian banks and non-bank institutions. The authors hope that the recommendations raised in this article will be useful to the relevant authorities in enhancing financial inclusion using open banking and AI in Tanzania.

Financial inclusion and intellectual property rights in mobile banking applications: Selected African reflections

by | Nov 8, 2025 | JCLA, JCLA V12 SE

Financial inclusion and intellectual property rights in mobile banking applications: Selected African reflections

Authors: Lonias Ndlovu, Thuso Ramabaga

ISSN: 2521-2605
Affiliations: LLB; LLM (Fort Hare); LLD (Unisa). Professor and Director, School of Law, University of Venda, South Africa; LLB (Univen). Junior Lecturer, School of Law, University of Venda
Source: Journal of Comparative Law in Africa, Volume 12 Special Edition, p. 127–159
https://doi.org/10.47348/JCLA/v12/2025-SEa5

Abstract

The rise of mobile banking applications has significantly improved financial inclusion across Africa, particularly in underserved communities. However, the interplay between intellectual property rights (IPRs) (including patents, copyrights, and trademarks) and financial inclusion remains underexamined. This article examines the impact of specific IPRs on the accessibility, ownership, and functionality of mobile banking applications in Botswana, Kenya, South Africa, and Zimbabwe. Using a doctrinal research methodology supported by illustrative empirical examples, the article analyses relevant legislation, IPRs ownership, and policy frameworks to determine whether IPRs facilitate or hinder financial inclusion. The findings suggest that while IPRs incentivise innovation by protecting mobile banking technologies, restrictive licensing agreements, old legislation, and ownership structures may inadvertently limit access to digital financial services. Nevertheless, there is no conclusive evidence that IPRs inherently impede financial inclusion. The article advocates for a balanced regulatory approach that ensures robust intellectual property protection while fostering open-access policies that enhance financial inclusion. The conclusion is that properly managed IPRs are more likely to support than obstruct financial inclusion in Africa. The paper makes three recommendations related to policy directives for IPRs registration, legislative amendments to accommodate applications, and case study analyses of selected major applications, such as M-Pesa.

A regulatory analysis of corporate governance and whistleblower protection in the Zimbabwean banking sector

by | Nov 8, 2025 | JCLA, JCLA V12 SE

A regulatory analysis of corporate governance and whistleblower protection in the Zimbabwean banking sector

Authors: Oscar Tsaura, Howard Chitimira, Elfas Torerai

ISSN: 2521-2605
Affiliations: BCom in Law, LLB (Unisa), LLM (NWU), LLD (NWU). Postdoctoral Research Fellow,
Faculty of Law, North-West University, South Africa; LLB (Cum Laude), LLM (UFH), LLD (NMMU). Research Director, Research Professor and Professor of Securities and Financial Markets Law, Faculty of Law, North-West University, South Africa; BSc (MSU), LLB (Unisa), LLM (NWU), LLD (NWU). Postdoctoral Research Fellow, Faculty of Law, North-West University, South Africa
Source: Journal of Comparative Law in Africa, Volume 12 Special Edition, p. 160–183
https://doi.org/10.47348/JCLA/v12/2025-SEa6

Abstract

Corporate governance and whistleblower protection are pivotal in the fight against corruption, serving as essential tools to ensure transparency, accountability, and integrity within financial organisations. Corporate governance refers to the system of rules, practices, and processes by which a company is directed and controlled. A sound corporate governance framework ensures that banks operate transparently, responsibly, and in the best interest of their stakeholders. Effective corporate governance involves establishing clear lines of accountability, implementing stringent oversight mechanisms, and fostering a culture of ethical behaviour that promotes transparency and accountability, deters potential corrupt activities, and ensures that decisions are made with integrity and accountability. Whistleblower protection is an integral component of corporate governance. Individuals who report illegal or unethical activities within financial institutions can play a crucial role in exposing corruption within banking institutions. However, the fear of reprisals often deters potential whistleblowers from exposing corporate rot. In this regard, it is crucial to have comprehensive whistleblower protection policies that encourage individuals to report wrongdoing without fear of reprisals. The protections may include legal safeguards, confidentiality provisions, and anti-retaliation measures to ensure whistleblowers can safely disclose information. The presence of effective whistleblower protection encourages a proactive approach to corruption detection, enabling early intervention and mitigating potential damage. This article discusses the relationship between corporate governance and whistleblower protection in Zimbabwe’s banking sector, highlighting how their integration can significantly enhance anti-corruption efforts. It analyses the legislative framework and regulatory policies that support whistleblower protection in Zimbabwe to foster a culture where ethical behaviour is valued and malfeasance shunned.

Critical analysis of regulation of fintech in South Africa: Existing obstacles and opportunities

by | Nov 8, 2025 | JCLA, JCLA V12 SE

Critical analysis of regulation of fintech in South Africa: Existing obstacles and opportunities

Authors: Kola O Odeku, Mudzielwana Takalani

ISSN: 2521-2605
Affiliations: Professor, Faculty of Management and Law, University of Limpopo; Senior Tutor, Faculty of Management and Law, University of Limpopo
Source: Journal of Comparative Law in Africa, Volume 12 Special Edition, p. 184–213
https://doi.org/10.47348/JCLA/v12/2025-SEa7

Abstract

FinTech is constantly evolving and plays a significant role in the financial sector, particularly in banking, where various digital payment technologies are being deployed and used. However, in this regard, it takes two to tango. The banking sector prides itself on using FinTech with smartphones at any location to conduct and transact banking activities of all types. With regard to regulation and accountability, banks are easily identifiable for any infraction or misstep. The article argues that the same accountability regime should be applied and implemented for any FinTech-related outfit’s shortfall or misstep. This is because FinTech also has the potential to encounter various challenges in the financial services it offers and provides to both banks and customers. This article seeks to show that FinTech can be held to account. It addresses challenges that could be encountered as well as the opportunities they present that have the potential to protect consumers and, at the same time, add value to the financial sector in South Africa.

An exploratory analysis of the protection of mobile money consumers under the South African financial consumer protection laws

by | Nov 8, 2025 | JCLA, JCLA V12 SE

An exploratory analysis of the protection of mobile money consumers under the South African financial consumer protection laws

Authors: Luck Mavhuru, Howard Chitimira

ISSN: 2521-2605
Affiliations: BSc Hons Sociology (UZ), LLB (Wits), LLM (UCT), PhD (UCT). Postdoctoral Research Fellow, Faculty of Law, North-West University, South Africa; LLB (Cum Laude), LLM (UFH), LLD (NMMU). Research Director, Research Professor and Professor of Securities and Financial Markets Law, Faculty of Law, North-West University, South Africa
Source: Journal of Comparative Law in Africa, Volume 12 Special Edition, p. 214–233
https://doi.org/10.47348/JCLA/v12/2025-SEa8

Abstract

Consumer protection encompasses laws, regulations, and other measures designed to ensure fair and responsible treatment of financial consumers in their interactions with financial products and services. It establishes clear guidelines for financial firms in their dealings with retail customers. Consumer protection is vital as it ensures that consumers receive fair and transparent treatment, fostering confidence in financial service providers. This is particularly crucial in emerging markets, where there is often a limited history of formal financial service providers. The emphasis on consumer protection in financial services has grown in recent years, enhancing the understanding of the importance of empowering consumers to make informed financial decisions. Financial consumer protection focuses on safeguarding consumers’ financial assets, such as deposits, from fraud, misappropriation, and misuse. In South Africa, consumer protection is governed by the Consumer Protection Act (CPA), which outlines consumer rights and supplier responsibilities. The CPA aims to protect consumer interests, ensuring accessible, transparent, and efficient redress for those who experience abuse or exploitation in the marketplace. Statutes such as the Financial Sector Regulation Act and the Banks Act also contain provisions designed to protect financial consumers. This article evaluates the extent to which these legislative frameworks safeguard users of mobile money services, analysing their effectiveness in addressing the unique risks associated with deposit protection.