An interview with Esti Louw, Head of Legal South Africa at Revolut (this interview was conducted whilst Esti served as Head of Legal Africa at PayU).
What are the biggest external forces or trends currently shaping your role as General Counsel and how are you responding to them?
As I am currently very much focused on the world of fintech and payments, I am closely following the current trends in this area in order to future proof my regulatory framework and enabling PayU to stay in touch with current and future trends. The most significant trend shaping my current role is the regulatory evolution of South Africa’s National Payment System. In particular the South African Reserve Bank’s aim to modernise, include and regulate non-bank payment service providers. As Head of Legal and Regulatory for Africa at PayU, I’ve been closely involved in interpreting and responding to the new National Payment Systems Bill as well as other corresponding draft legislation, which have far-reaching implications for fintechs operating in South Africa in particular.
In Nigeria, we are heavily regulated by the Central Bank of Nigeria. The country’s fintech ecosystem is booming, with over 200 startups and a surge in e-payment volumes – ₦1.56 quadrillion processed in just the first half of 2024. This is accompanied by increased scrutiny from regulators, particularly around cross-border payments, which (as a global company) is a particular pain point for us.
The fast pace of regulation and innovation are reshaping how we think about licensing, compliance, and the future of payments in general. My response to these changes have included engaging proactively with regulators and industry bodies – including through my advisory role on the new Payment Industry Board – and second, by leading internal readiness assessments to ensure our operations across our Africa operations remain agile and compliant.
How are you balancing the increasing demands of legal risk management with the expectation to drive business value and strategic insight?
In the payments space, the best way to strike this balance between growth and risk is by embedding legal into the product development and market expansion lifecycle. For example, in South African the entire licensing framework is set to change and we must be ready to adapt as and when necessary.
At PayU, I’ve also led the development of plain-language consumer-facing documents and regulatory frameworks that support financial inclusion while meeting compliance standards. This not only reduces legal exposure but also builds trust with users and regulators alike.
What’s one lesson or insight from your in-house journey that you wish you’d known earlier and would share with a fellow GC today?
The most important lesson I’ve learned is that regulatory engagement is not just a legal function – it’s a strategic one. Early in my career, I focused on interpreting the law and relying on local counsel for advice. Today, I see the value in engaging with regulators to help shape how the law will develop. Whether through my work with the Ecommerce Forum of South Africa or the Payment Industry Board, I’ve seen how proactive engagement can influence outcomes that benefit both consumers and the industry.
I’d also encourage fellow GCs to invest in cross-border regulatory literacy. In Africa, no two markets are the same, and understanding the nuances of mobile money, microfinance, and consumer protection laws across jurisdictions is essential to scaling responsibly.
