Expert Economic Research & Advice


Financial Services

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Financial Services

The Acacia team has worked extensively in the financial services sector in Africa, including analysing mergers and acquisitions, inquiries, and various policy and regulatory issues.

Some examples of our financial services work includes:

  • A banking inquiry for the Competition Authority of Kenya ("CAK")
  • A leasing inquiry for the CAK
  • An inquiry into access to USSD for mobile payments for the CAK
  • Merger in the financial services infrastructure industry
  • Merger in the insurance industry

  • A banking inquiry for the Competition Authority of Kenya ("CAK")

  • A banking inquiry for the Competition Authority of Kenya ("CAK")

  • An inquiry into USSD and SMS with a focus on digital financial services for the Uganda Communications Commission

Competition assessment in the banking sectors of four SADC countries for the United Nations Capital Development Fund (UNCDF)

We have developed particular expertise in the area of digital financial services, in particular the competition and regulatory concerns that have arisen in these rapidly developing markets and their role in financial inclusion. Our clients in these markets include the World Bank, CGAP, FSD, the FinMark Trust, Alliance for Financial Inclusion (AFI) and the Gates Foundation (ongoing).

Our regulatory and policy expertise includes the following:

Interoperability, including the regulation and pricing of interconnection, both for mobile and traditional payments mechanisms.

Competition issues related to Instant Payment Systems, including mobile money

Licencing regimes that promote market entry and rivalry

Various financial inclusion projects across multiple countries (Eswatini, Botswana, Malawi, Zimbabwe, Kenya, Tanzania, Ethiopia, Pakistan)

Regulation of digital platforms in banking especially open banking

Acacia has been engaged by Gates on a multiyear project on competition enablers and financial inclusion which spans eight developing countries. You can find more about this on Acacia’s Digital page

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