South Africa’s financial regulators are sharpening their focus on how artificial intelligence (AI) is reshaping the financial sector. Drawing on the new joint report from the South African Reserve Bank (SARB)’s Prudential Authority and the Financial Sector Conduct Authority (FSCA), this article unpacks where and how banks, insurers and fintechs are deploying AI, the investment trends behind this shift and the benefits for customers. It also explores rising cyber and data protection risks, Protection of Personal Information Act 2013 (POPIA) compliance pressures and why principle-based, collaborative regulation will be critical to building a trusted AI ecosystem.
