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FINTECH
Fintech
3
Contents
04 OurFirm
05 OurFootprintinAfrica
06 OurFintechServiceLine
07 OurSpecialistServices
08 OurSignatureMatters
10 KeyContacts
BOWMANS
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FintechBOWMANS
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Our Firm Our Footprint in Africa
Mozambique
Kenya
Tanzania
South Africa
Nigeria
Uganda
Mauritius
Best friends
Bowmans offices
Significant transaction or advisory experience
Alliance firms
Ethiopia
Ourtrackrecordofprovidingspecialist
legalservicesinthefieldsofcorporate
law,bankingandfinancelawanddispute
resolution,spansoveracentury.
WithnineofficesinsevenAfricancountries
andover400specialistlawyers,wedrawon
ouruniqueknowledgeofthebusinessand
socio-politicalenvironmenttoadviseclients
onawiderangeoflegalissues.
Everywherewework,weofferclientsa
servicethatuniquelyblendsexpertiseinthe
law,knowledgeofthelocalmarketandan
understandingoftheirbusinesses.Ouraim
istoassistthemtoachievetheirobjectives
assmoothlyandefficientlyaspossiblewhile
minimisingthelegalandregulatoryrisks.
Ourclientsincludecorporates,multinationals
andstate-ownedenterprisesacrossarangeof
industrysectorsaswellasfinancialinstitutions
andgovernments.
Ourexpertiseisfrequentlyrecognisedby
independentresearchorganisations.We
receivedawardsinthreeoutoffourcategories
attheDealMakersEastAfricaAwardsfor
2019:toplegaladviserintheM&ACategory
forbothdealflowanddealvalue,andadvised
ontheDealoftheYear.IntheDealMakers
SouthAfricaAwardsfor2019,wewereplaced
thirdfordealvalueintheM&ACategoryand
advisedonboththeDealoftheYearandthe
BEEDealoftheYear.
Wearepresentinsevencountries
inAfrica:Kenya(Nairobi),Malawi
(Lilongwe),Mauritius(Moka),SouthAfrica
(CapeTown,Durban,Johannesburg),
Tanzania(DaresSalaam),Uganda(Kampala)
andZambia(Lusaka).
Weworkcloselywithouralliancefirmsin
Ethiopia(AmanAssefa&AssociatesLaw
Office)andNigeria(UdoUdoma&Belo-
Osagie).Thesearetwooftheleading
corporateandcommerciallawfirmsintheir
jurisdictions.
Wehavedevelopedabestfriendrelationship
withoneofMozambique’sstrongestlaw
firms(TacianaPeãoLopes&Advogados
Associados)andregularlyworkwithleading
lawfirmsinothercountriessuchasAngola,
Botswana,Ghana,IvoryCoast,Namibia,
Rwanda,SouthSudanandZimbabwe.
Wehaveacomprehensivedatabaseofallthe
lawfirmsweworkwithintherestofAfrica
coveringsuchcountriesasAlgeria,Egypt,
MoroccoandFrench-speakingWestAfrica.
WearerepresentativesofLexMundi,aglobal
associationwithmorethan160independent
lawfirmsinallthemajorcentresacross
theglobe.LexMundigivesustheabilityto
connectourclientswiththebestlawfirmsin
eachofthecountriesrepresented.
We help our clients overcome legal complexity and unlock opportunity in Africa.
Malawi
Zambia
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Our Fintech Service Line
Thegrowingimpactofdigitaltechnologyin
thefinancialservicessector(fintech)ison
theagendaforregulatorsandsupervisory
bodiesacrosstheglobe.Manyarecreating
‘regulatorysandboxes’ascontrolled
environmentswithinwhichinnovation
canoccur.
Theregulationoffintechpresentsboth
opportunitiesandchallengesforregulators,
fintechcompaniesandmoretraditional
financialinstitutionsalike.
Wehelpourclientstounderstandand
navigatetherulesgoverningnotonly
theirparticipationinthefinancialservices
environment,butalsothefinancialproducts
theycreateandsellinthemarket.
Ourfintechteamcompriseslawyerswith
expertiseinvariousspecialistareasoflaw
frombankingfinancialservicesregulatoryand
technology,mediaandtelecommunications
tocompetition,dataprotection,governance,
complianceandinvestigations,M&Aandtax.
Ourcomprehensiveserviceofferingranges
fromformingfinancialservicebusinesses
andlicensingfinancialproducts;toengaging
withregulatorsandensuringregulatoryand
investmentcompliance;tocorporateactivity
involvingregulatedentities(e.g.duediligence,
de-risking,acquisitions,publicofferings);and
disputeresolution.
Wearealsorecognisedforourexpertise
ininformationtechnology:wewerenamed
Technology,MediaandTelecommunications
TeamoftheYearattheAfricanLegal
Awardsin2017andwererankedinBand1
forIT&TelecommunicationsbyChambers&
Partnersin2017.Thepublicationrecognised
our“impressiveabilitytofocusonwhatis
important"andsaidthatwehave“substantial
resources”,“reallygoodregulatorypeoplewho
understandlegislationandpolicy"andthatwe
“alwaysprovideanexcellentservice".
Ourclientsspanthefullspectrumoffinancial
institutions,includingbanks,insurers,collective
investmentschemes,accountmanagers,
pensionfunds,medicalschemes,hedgefunds
andregulators.
Our Specialist Services
Ourspecialistservicesincludeadvisingon:
• Regulation
• Financeandstructuring
• Impactinvesting
• Privateequity
• M&A
• Exchangecontrol
• Telecommunications
• Datasecurity
• Competition
• Publicprocurement
• Disputeresolution
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In 2017 we convened two gatherings (one in Johannesburg and one in Kampala) of experts in the law, policy and technology of financial services from across and outside Africa, around the theme Fintech in Africa: Unpacking Risk and Regulation. An Outcomes Summary of these events can be accessed on our website.
“Even though Fintech remains a small market in Africa, investments are expected to rise significantly from USD 200 million in 2014 to USD 3 billion by 2020.” – Africa’s Banking Industry Focuses on Client Centricity in the Wake of Technological Advances and New Entrants, a
reportpublishedbyPWC
Fintech
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Fintech
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Wehaveadvised:
• Aclientthatprovidesvariousbanking
productsandservicesinChina,France,
Hungary,Italy,Malta,Poland,Portugal,
Romania,Russia,SpainandUkraine,on
theclearingandsettlementofpayment
instructionsinSouthAfrica.
• Acryptocurrencysecuritiestrading
platformbasedinSiliconValley,onlegal
aspectsofcapitalmarketsandsecurities
tradinginUganda.
• Aninternationale-commercecompany,
onauthenticationofitsdigitalpayments
platformandtransactions,data
commercialisation,informationrepurposing
andexternalizationinSouthAfrica.
• Asoftwarecompanyprovidingfraud
preventionsoftwareandservicestoSouth
Africanfinancialinstitutions,onthedata
protectionissuesrelatingtovoiceprints
andvoicedata,creditreportingregulations,
andthedevelopmentofdatabases.
• AUgandancryptocurrencycompany,
onlegalaspectsoftheregulatorynotice
issuedbytheBankofUganda(Uganda’s
CentralBank)ontheUgandanlegal
positiononBitcoinTMandLitecoinTM
in2017.
• Bloomberg,onvariousdataprocessing
activitiesforthecapturingofclientand
employeeinformationunderSouth
Africanlaw.
• Ernst&YoungandtheEastAfrican
CommunitySecretariat,onthelegaland
regulatoryframeworkonpaymentsystems
intheEastAfricanCommunitymember
statesandtheroadmapforattaining
interoperabilityofcardswitcheswithin
theEastAfricanCommunity.
• Gemalto,aworldwideleaderinsmart
cardbasedsolutionsforbanking,
security,loyalty,wirelessande-business
applications,oninstantcardissuance
agreementswithpartnersinGhana,
NigeriaandZimbabwe.
• Googleongeneralaspectsofdata
protectionandprivacyinKenyanlawand
onthestateoflegislationandregulation
governingproductsthatuseNearField
Communication(NFC),RadioFrequency
Identification(RFID)andpaymentsystem
technologiesinKenya.
• IRESSLtd,afinancialtechnology
servicesandsolutionsproviderlisted
ontheAustralianstockexchange,onits
acquisitionof100%ofthesharesinI-Net
BFA,aSouthAfricanandAfricanfinancial
technologiesservicesandsolutions
provider,fromMedia24(asubsidiaryof
Naspers),aswellasitsacquisitionofthe
intellectualpropertyofI-NetBFA.
• KopoKopoInc.aSiliconValleyentity,as
amerchantaggregatorforM-Pesa’sbuy
goodsfunctionality,ontheregulatory
landscaperelatingtomobilemoney,and
negotiatedcontractswithSafaricomin
relationtoitsM-Pesaplatformandthe
establishmentofamobilephonepoint
ofsalepaymentsolutioninKenya.
• NaspersGroupofSouthAfrica,ondata
protectionandprivacyissuesrelatingto
anonlineshoppingwebsite.
• SouthAfricanNationalTreasury,onthe
IntegratedFinancialManagementSystem
Programme,amulti-billionrandprojectto
integrateallgovernmentsystems.
Our Signature Matters
• StichtingMedicalCreditFund(Netherlands),
ontheestablishmentofamobile-based
lendingprogrammetargetedatmedical
serviceprovidersinKenya.Thisinvolvedthe
establishmentofalocalsubsidiary,advising
onthelegalandregulatoryenvironment
applicabletotheproposedlending
programme,andreviewingthedocumentation
tobeusedforthelendingprogrammefrom
aKenyanlawperspective.
• SunlightPaymentsInc,aUSA-basedentity,
onthedevelopmentofitsdigitalpayments
platformtomanagedisbursementofforeign
donorfundstointendedbeneficiaries
inUganda.
• VirtualCity,aKenyantechnologycompany,on
theregulatorylandscaperelatingtoE-Money
andMobileMoneyaswellasnegotiating
variousmerchantagreements,content
provisionandenterpriseagreements.
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Key Contacts
ASHLEIGH HALE
Co-HeadofCorporate
Johannesburg,SouthAfrica
T: +27116699342
CRAIG KENNEDY
HeadofTechnology,Media
andTelecommunications
Johannesburg,SouthAfrica
T: +27116699349
DAVID GERAL
HeadofBankingandFinancial
ServicesRegulatory
Johannesburg,SouthAfrica
T: +27116699514
CHRIS GREEN
Partner
DaresSalaam,Tanzania
T: +255768988640
BRIAN KALULE
Partner
Kampala,Uganda
T: +256312263757
WILBERT KAPINGA
ManagingPartner,Tanzania
DaresSalaam,Tanzania
T: +255768988640
DAVID MPANGA
HeadofBankingandFinancial
ServicesRegulatory
Kampala,Uganda
T: +256312263757
To view profiles of our lawyers,
please visit www.bowmanslaw.com
KIRSTEN KERN
Partner
Johannesburg,SouthAfrica
T: +27116699553
EDDAH KIAI
SeniorAssociate
Nairobi,Kenya
T: +254202899000
CHRISTINE MICHIRA
Partner
Nairobi,Kenya
T: +254202899000
JOHN SYEKEI
Partner
Nairobi,Kenya
T: +254202899000
DOMINIC INDOKHOMI
Partner
Nairobi,Kenya
T: +254202899000
CONTENTS PAGE
Cape Town, South AfricaT:+27214807800
Dar es Salaam, TanzaniaT: +255768988640
Durban, South AfricaT: +27311091150
Johannesburg, South AfricaT: +27116699000
Kampala, UgandaT: +256414254540
Lilongwe, MalawiT: +265990318152
Lusaka, ZambiaT: +260962275329
Moka, MauritiusT: +23052980100
Nairobi, KenyaT: +254202899000
Follow us on Twitter:@Bowmans_Law
www.bowmanslaw.com
Alliance Firms:
Aman Assefa & Associates Law Office, Addis Ababa, EthiopiaT: +251114702868
Udo Udoma & Belo-Osagie, Lagos, NigeriaT: +23412774920-2,+23412719811-3