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Cited by 11FinTech, Crowdfunding, Digital FinanceDigital Transformation in Financial ServicesDigital Transformation in Law

A regulatory analysis of digital financial services and the adoption of central bank digital currencies in Zimbabwe and South Africa

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CHITIMIRA, Howard, TORERAI, Elfas·2023·Juridical Tribune
DOI 10.24818/tbj/2023/13/3.04
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Abstract

The use of digital financial services such as mobile money has created new frontiers for more people, especially the poor, to participate in the formal payment systems in Zimbabwe and South Africa. Individuals who do not have bank accounts are now able to access financial services and products using technological devices such as mobile phones. In this regard, digital financial services have broadened financial inclusion allowing the poor to participate in financial markets and other formal economic activities which they were unable to access before. In addition, digital financial services represent a broad range of emerging financial technology (fintech) products which could lead to the adoption of digital currencies in many countries, including Zimbabwe and South Africa. These fintech products have been useful channels for the poor to transact and receive money since the outbreak of the coronavirus (covid-19) pandemic. However, the regulation of digital financial services and their products remains problematic in South Africa and Zimbabwe owing, in part, to the absence of statutes that expressly and robustly regulate these services. Furthermore, there is no sufficient policy clarity on the adoption of central bank digital currencies in the aforesaid countries. Accordingly, this article explores the adequacy of the regulatory frameworks and robustness of the enforcement approaches adopted in Zimbabwe and South Africa. This is also done in the context of the African Union (AU)’s Agenda 2063 goal of enabling trade linkages amongst African countries.

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  • The South African financial regulatory framework has experienced significant changes since 1994 that have worked to provide administrative actions and enforcement measures to support financial stability in the banking sector.

    “The South African financial regulatory framework has experienced significant changes since 1994 that have worked to provide administrative actions and enforcement measures to support financial stability in the banking sector.8”

    From An Overview Analysis of Financial Stability in the South African Banking Sector (2025) · cites this paper as [8]

    Section 5.2.5 says South African regulators supervise financial institutions and promote financial stability; section 5.2.1 assigns the Reserve Bank a financial-stability duty. The paper does not establish that significant changes since 1994 provided administrative actions and enforcement measures for stability in the banking sector. (LLM, conf=0.83)

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Authors
CHITIMIRA, H., & TORERAI, E.
Affiliations
North-West University (ZA)
ORCID
Venue
Juridical Tribune
Publisher
Bucharest University of Economic Studies
Published
2023-11-01
Volume
13
Issue
3
ISSN
2247-7195 (ISSN-L)
DOI
10.24818/tbj/2023/13/3.04
OpenAlex
W4388129060
Semantic Scholar
5ff1313915b36d8a41d2373338154ac5da4dda17
Cited by
10
References
51
Citations by year
2026: 3 · 2025: 5 · 2024: 2
FWCI
2.87
Type
journal article
Language
en
Open access
Locations
  • Juridical Tribune (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
  • DOAJ (DOAJ: Directory of Open Access Journals) (submittedVersion)
Topics
  • Social Sciences › Business, Management and Accounting › Management Information Systems › FinTech, Crowdfunding, Digital Finance
  • Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Digital Transformation in Financial Services
  • Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Digital Transformation in Law
Keywords
digital financial services, central bank digital currency, financial regulation, mobile money, financial inclusion, fintech, regulatory framework, regulatory enforcement, COVID-19 pandemic, African Union Agenda 2063, Zimbabwe, South Africa

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