This article examines fintech and venture capital in Africa's emerging market, focusing on Nigeria, Ghana, Kenya, South Africa, and Rwanda. Insights into factors driving fintech innovation and venture capital are drawn from interviews and secondary data, involving policymakers, VC fund managers, and investment advisors. The study analyses factors influencing VC investment in foreign markets. Governments enact policies like fintech sandboxes, innovation hubs, R&D incentives, and startup acts, while actions such as direct investments and stock market development support VC transactions. These policies, though similar across countries, vary in application, stimulating innovation and VC industry growth. Political stability and conflicts also impact VC activities and innovation. Despite progress, involving industry actors and intermediaries in the regulatory process could enhance policy design based on their experiences.