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Fintech and Financial Crime in Guinea: A Growing Concern Amid Economic Uncertainty

Guinea’s financial sector is facing a growing threat from fintech and financial crime, amidst an economy struggling to recover from declining hydrocarbon production. The country’s fiscal and external accounts remain under strain, with no single review completed prior to the expiration of its Extended Fund Facility arrangement in December 2022.

The Perfect Storm

The lack of economic diversification has put pressure on Guinea’s government to find new revenue streams, creating opportunities for financial criminals to exploit the system. The country’s anti-money laundering and combating the financing of terrorism (AML/CFT) measures are inadequate, making it easier for criminal networks to launder money and fund terrorist activities.

• Arrears in public expenditure have contributed to a rise in crime rates across the country.
• The government has been struggling to pay salaries on time, leading to widespread discontent among citizens.

A Growing Debt Crisis

Guinea’s external debt stands at an astonishing $4 billion, with much of it coming from non-concessional borrowing. This has put pressure on the government to implement fiscal reforms and improve revenue administration, but so far, these efforts have been met with limited success.

Fintech: A Double-Edged Sword

As fintech continues to disrupt traditional financial services in Guinea, there is a growing concern that the country’s financial sector may become a hub for illicit activities. The lack of regulation and oversight has created an environment where criminal networks can operate with relative impunity.

A Call to Action

In light of this, it is imperative that the government takes immediate action to:

• Strengthen its AML/CFT measures
• Improve revenue administration
• Address the growing debt crisis

Failure to do so could have serious consequences for Guinea’s economic stability and security.