The rapid rise of financial influencers, or “finfluencers”, across South Africa’s social media platforms is a double-edged sword – representing both unprecedented opportunities for financial inclusion and significant risks related to misinformation.
This was the sentiment shared by regulators and industry leaders at a roundtable discussion this week during the Financial Sector Conduct Authority (FSCA) Conference 2026.
The panellists noted that while finfluencers are expanding access to financial knowledge, they raised concerns that the risks tied to the growing influence of unlicensed finfluencers is intensifying, particularly in relation to misleading content, weak disclosures and fraud.
Finfluencers are social media content creators who provide advice, education and commentary on personal finance, investing and economic trends, primarily on platforms like TikTok, Instagram and YouTube.
Koko Kubelo, senior manager for economic analysis and market research at the FSCA, said the financial regulator is actively studying the finfluencer ecosystem to better understand its impact on consumer decision-making.
“The FSCA’s ongoing study is focused on defining the regulator’s role in this rapidly-evolving space, with early insights already pointing to significant risks posed by some finfluencers,” she said.
“There are both risks and opportunities presented by the rise of finfluencers in the financial space, and finfluencers are not bad by virtue of their existence. However, there is a real risk related to misleading financial information being shared on social media platforms, particularly where content is presented as a personal experience when it is in fact sponsored.”
She warned that deceptive marketing tactics are becoming more prevalent, with some finfluencers often failing to clearly disclose paid partnerships.
“To them, the way they are positioning it is as if it is their own lived experience and testimonial, when it is actually not. Some of the results we are seeing also relate to irrelevant and inadequate disclosures being made by finfluencers on their digital platforms, and that can have dire consequences for individuals and households who rely on this information,” noted Kubelo.
She added that the influence of popularity and celebrity status amplify the risk, as consumers are more likely to act on information provided by familiar people without proper scrutiny.
“What we are seeing is that many influencers fall into the category of celebrities or well-known figures, and when people see the financial content that they post, they make decisions based on that influence.
“They are working on the cognitive biases of their audiences, which means consumers may rush into decisions based purely on what they see online,” she explained.
Despite these concerns, Kubelo acknowledged the potential upside of finfluencers, if the ecosystem is properly managed.
“Some of the opportunities relate to the promotion of consumer education and financial literacy, because influencers are making financial content much more engaging and relatable. They are also making it more accessible to a wider audience than traditional channels were able to do,” she stated.
Gerhard van Deventer, divisional executive for enforcement at the FSCA, reinforced that finfluencers are not exempt from regulatory requirements and must operate within the same legal framework as any other market participant.
“The first important point to make is that influencers, or anybody else for that matter, are not in a special position. We have a law that says you are not allowed to provide financial advice or intermediary services if you are not properly licensed, and the reason for that licensing is to ensure there is some level of comfort that you actually know what you are doing and how to advise.”
He added that consumers should prioritise engaging licensed professionals, noting: “That is always my message: speak to a financial advisor that is licensed because they know what they are talking about, at least 99.9% of them do. If an influencer is speaking about investments or a financial product and is providing purely factual information, that is acceptable, but it must remain factual and accurate.”
The fraud dimension
Andre Wentzel, CEO of the South African Banking Risk Information Centre, said the rise of finfluencers must be understood within the broader context of evolving digital fraud risks.
“One of the biggest risks we are seeing is what I refer to as unregulated finance in financial influence, where not holding finfluencers and others accountable creates significant exposure. This is happening alongside artificial intelligence-enabled impersonation at scale and the increasing speed at which money can move, which is outpacing existing controls,” he said.
He warned that these dynamics are converging to create a new form of systemic risk.
“The overarching risk is what we call the industrialisation of trust exploitation, where artificial intelligence, platforms and influence come together to enable scams at unprecedented scale and speed. This encapsulates the broader threat environment, where fraud is becoming ecosystem-based and requires a coordinated response,” he said.
Nicolette Mashile, financial content creator and founder of Financial Fitness Bunnies, said financial content creators must recognise their responsibilities within a regulated environment, while also highlighting the role of brands and platforms in shaping behaviour.
“If you are going to be a content creator in South Africa, you need to understand that you are running a business and that business operates within a regulatory framework. You need to understand what the legislation says, including the difference between education and advice, and know when you start crossing that line.”
She pointed to structural pressures within the ecosystem that can drive misleading content.
“There is an environment in which influencers operate that sometimes enables harmful content, particularly when brands push for short, 60-second marketing-driven campaigns that do not allow for proper education. In many cases, what is presented as education is actually marketing, and that creates a situation where promotion is masked as authentic content,” she said.
Mashile also criticised the lack of transparency in some campaigns and the misuse of disclaimers.
“Content creators are sometimes told not to make it explicit that they are being paid because it must sound authentic, and that creates a problem. Disclaimers are often treated as a get-out-of-jail card, but that does not mean you can go ahead and give financial advice, especially if you are not qualified to do so.”
She emphasised that accountability must be shared across the ecosystem.
“There is a dual responsibility between influencers and the brands they represent, and platforms also need to play a role in vetting who is allowed to speak about financial products. At the same time, consumers must take responsibility to verify information and check whether the person giving financial guidance is actually licensed.”
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