Community Discussions
How can technology facilitate greater collaboration among stakeholders?
I followes the interview "Building for Africa’s Diverse Markets: The Role of Cross-Border Payments in Scaling at ATS Nairobi". Then I'm so interested in this part "
Licensing and regulators across Africa
Our CEO also tackled the frustrating licensing issue, describing it as a significant blocker to scaling cross-border solutions across Africa.
He argued that African regulators often treat licenses’ like gold’, creating a politicised and opaque process that stifles innovation.
“At Fincra, we had our license in Canada within six months without stepping foot in Canada,” he noted, contrasting this with the tedious process in many African countries, where “people spend two to three years getting licenses because the regulators are putting a cap on the number of people that can get licenses.”
The consequences are profound. The CEO emphasised that “a license means that a company like Fincra can come and bring our innovative solution that will eventually help and develop a market.” He pointed to the success of companies like Paystack and Flutterwave, stating, “If Paystack and Flutterwave did not exist today, everything we are saying about fundraising for startups and businesses coming on the internet doing great things would not happen.”
Yet, regulatory hurdles—such as demands for bribes or unwritten biases against foreigners—hinder progress.
His message to regulators was clear: “Every African regulator that treats the license like gold, you are doing your country more harm than good.”
After that, I'm curious- How can technology facilitate greater collaboration among stakeholders?