CFTC Commissioner Urges Collaboration to Encourage AI Development in Africa
CFTC Commissioner Kristin N. Johnson encouraged collaboration among African innovators and regulators, and US financial institutions and regulators to "enhance global fintech capabilities, drive inclusive economic growth, and promote greater financial stability and consumer protection worldwide."
At the 2025 Africa Fintech Summit, Commissioner Johnson asserted that the high cost of developing advanced AI technologies, and the infrastructure required to support them, poses major accessibility and inclusivity challenges, especially for smaller competitors and institutions in emerging markets. She warned that these barriers can severely limit the adoption of AI-driven financial solutions, "disproportionately affect[ing] underserved and economically disadvantaged populations who could most benefit from improved financial services." She said that without access to affordable infrastructure, emerging companies are often unable to incorporate AI into their offerings. She argued that partnerships and collaboration were the solution to these challenges.
Ms. Johnson provided examples to demonstrate how strategic partnerships, cost-effective approaches and mobile-first innovations can significantly reduce barriers, enable broader AI adoption and grow consumer inclusive financial services. She cited M-Pesa, a mobile money services platform, which hosts millions of customers and facilitates billions in transactions per year, for how it effectively created access for individuals who have historically lacked access to basic financial services. She said that "M-Pesa represents the potential to develop platforms that give customers access to banking services, reduce transaction costs, and otherwise overcome the endemic frictions that have challenged access to financial services for millions."
She highlighted growing private-sector collaboration, such as Cassava Technologies' partnership with Nvidia to launch Africa's first AI factory in South Africa, as a step toward closing the infrastructure gap. She reiterated her support for regulatory coordination, including the establishment of an interagency AI Fraud Task Force.