OCTOBER 2026 REGULATORY ROUNDUP
Welcome to October’s edition of Regulatory Round-up, where we provide you with the latest regulatory developments across Nigeria, Africa, and beyond within the month. Let’s dive into the key developments shaping the regulatory landscape and their implications for businesses.
1. SEC Warns Public Against Unregistered Investment Platform WAYVEPAY
The Securities and Exchange Commission (‘SEC’) issued a public warning on 9 October regarding the activities of WAYVEPAY, an online investment platform operating through its website, social media channels and mobile application. The Commission confirmed that the platform was not registered to solicit investments from the public or operate within the Nigerian capital market and advised investors to refrain from transacting with it. The warning reinforces the importance of verifying regulatory authorisation before offering or investing in financial products, particularly as digital platforms make it easier for unregistered operators to reach potential investors.
2. SEC Holds Second Regulator/FinTech Clinic on Registration and Compliance Pathways
The SEC held its second Bi-Annual Regulator/FinTech Clinic on 7 October, focusing on registration, capital requirements and continuing compliance for fintech and digital asset operators. The sessions addressed Virtual Asset Service Provider (‘VASP’) classification, progression from regulatory incubation to full registration, tokenised securities, integrated platforms and cross-border business models. The initiative reflects the Commission’s continued effort to clarify regulatory expectations for emerging financial services and highlights the importance of understanding licensing requirements and ongoing obligations as fintech businesses scale.
3. SEC Launches Capital Market Master Plan 2.0
The SEC’s National Capital Market Conference, held on 19 October, featured the launch of the Nigerian Capital Market Master Plan 2.0 (‘NCMMP 2.0’) and the National Savings Scheme. The initiative is intended to deepen the capital market, strengthen domestic resource mobilisation, increase investor participation and support sustainable economic growth. The development signals a renewed focus on expanding access to investment opportunities and strengthening Nigeria’s capital-market infrastructure, with implications for businesses seeking to raise capital and intermediaries supporting investment activities.
1. South Africa Proposes New Framework to Strengthen Its Position as an African Financial Hub
The South African Reserve Bank (‘SARB’) invited public comments on 21 October on a draft Synthetic Financial Centre (‘SFC’) framework intended to attract international investment-management activity to South Africa. The first phase would allow approved institutions to manage qualifying foreign investment portfolios and related foreign-currency activities from the country, even where investors or underlying assets are located elsewhere. The proposal is part of broader efforts to deepen financial markets and position South Africa as a gateway for investment into Africa. Interested stakeholders have until 30 November 2026 to submit comments, and the framework remains subject to revision following consultation.
2. South Africa Moves Towards Broader Participation in Its National Payment System
South Africa continued preparations for changes to its national payment-system framework, including the transition of certain payment-system market infrastructure functions to SARB and PayInc. The changes form part of the country’s wider effort to strengthen oversight and modernise payment infrastructure. For banks, fintechs and payment service providers, the evolving framework highlights the importance of understanding authorisation and registration requirements, particularly where businesses participate in payment clearing, settlement or third-party payment services. The precise implications for individual operators depend on the applicable category of participation and the relevant transitional arrangements.
1. Singapore Introduces AI Risk Management Guidelines for Financial Institutions
The Monetary Authority of Singapore (‘MAS’) issued its Guidelines on Artificial Intelligence Risk Management on 7 October, setting out supervisory expectations for financial institutions using AI technologies. The Guidelines cover board and senior-management oversight, risk assessment, data governance, testing, human oversight, cybersecurity and the management of third-party AI dependencies. They apply across financial institutions and AI technologies, with implementation scheduled to begin on 7 October 2027. The development reflects the growing expectation that financial institutions integrate AI-related risks into their existing governance and risk-management frameworks rather than treating AI adoption solely as a technology decision.
2. FSB Finalises Guidance on Responsible AI Adoption in Financial Services
The Financial Stability Board (‘FSB’) published its final report on Sound Practices for Responsible Adoption of Artificial Intelligence on 15 October. The report sets out 12 practices covering organisation-wide AI governance and risk management throughout the AI lifecycle, including data quality, explainability, human oversight, cybersecurity and third-party dependencies. It encourages financial institutions to integrate AI risks into existing governance and control frameworks while adapting their approaches to the nature and scale of their AI use. Although the practices are not a standalone set of binding rules, they provide an international reference point for financial institutions and supervisors as AI adoption expands across the sector.
3. US FinCEN Withdraws Two Proposed Digital Asset Rules
The United States Financial Crimes Enforcement Network (‘FinCEN’) announced on 5 October that it was withdrawing two proposed rules relating to convertible virtual currencies. One proposal would have introduced recordkeeping, customer-verification and reporting requirements for certain transactions involving digital assets and unhosted wallets, while the other concerned a special measure targeting virtual currency mixing. The withdrawals followed consideration of public comments and form part of the US administration’s effort to reassess digital asset regulation. The decision changes the direction of these proposed requirements but does not remove existing anti-money laundering obligations applicable to digital asset businesses.
4. FSB Highlights Cross-Border Risks Associated with Global Stablecoins
On 12 October, the FSB published a report examining cross-border vulnerabilities associated with global stablecoin arrangements and the data needed to monitor their potential financial-stability implications. The report notes that stablecoin activities can span multiple jurisdictions and involve different entities subject to different regulatory authorities, making it difficult for individual jurisdictions to assess risks independently. The findings reinforce the importance of international cooperation, information-sharing and consistent monitoring as stablecoins become more widely used for payments and cross-border transactions.
1. Nedbank Completes Acquisition of Majority Stake in NCBA Group
South African financial-services group Nedbank completed its acquisition of approximately 66% of Kenyan financial-services group NCBA on 19 October, making NCBA a subsidiary of Nedbank. NCBA will remain listed on the Nairobi Securities Exchange and retain its local leadership and independent governance arrangements. The transaction strengthens Nedbank’s presence in East Africa and expands its regional reach across Southern and Eastern African markets. It also illustrates continued consolidation among African financial institutions seeking greater scale, broader market access and stronger cross-border service capabilities.
1. MAX Raises $29 Million to Expand Electric Mobility Operations
Nigerian electric mobility company MAX secured $29 million in Series B3 funding, with Nithio Investment participating in the round. The funding is expected to support the company’s expansion of electric mobility and related financing operations across African markets. The raise highlights continued investor interest in businesses combining technology, asset financing and essential services, particularly those addressing transportation costs and access to productive assets.
2. Kuunda Secures $5 Million Through Secondary Share Transaction
African fintech Kuunda completed a $5 million secondary share transaction led by E4E Africa, providing an exit opportunity for some existing investors. The transaction comes as the company continues to expand its financial technology and lending infrastructure across emerging markets. Unlike a primary funding round, a secondary share sale involves the transfer of existing shares rather than necessarily injecting new capital into the business. The deal reflects continued investor activity in African fintech, including transactions that provide liquidity to early backers.
We hope you found our October Regulatory Roundup 2026 helpful and informative. If you have questions or insights about the regulatory landscape in your region? Reach out to us on any of our social media handles, email and we would be available to help. Also share your thoughts in the comments below and let’s continue the conversation!
For a deep dive into past regulatory changes, catch up on our September Regulatory Roundup and explore our complete Regulatory Roundup Archive for more material
Please note that the information provided in this article does not constitute legal advice and should not be construed as such. For legal advice specific to your situation, please consult a legal practitioner.