Jonathan is a Digital Financial Inclusion Fellow at Oxford University. His research examines law and regulation of fintech in Africa and other developing regions of the world. 

Jonathan's research aims to improve the design of law and regulation of the ‘shadow payment system’ in Africa. In this system, non-banks such as phone companies, e-commerce firms, and fintech firms, perform the payment functions of banks, without, for the most part, being subject to bank regulation. 

'Mobile money' is a particularly important shadow payment service in many African countries. This payment service is provided primarily by phone companies, not banks. Launched in Kenya in 2007, there are now 500 million mobile money accounts around the world, overwhelmingly located in Africa.

Jonathan’s doctoral thesis examined the key legal and regulatory issues in Kenya's mobile money sector. He has delivered lectures on the design of law and regulation of the shadow payment system and fintech more generally in Europe, Asia, and Africa. His work has been supported through funding from, amongst other sources, the United Nations Capital Development Fund (UNCDF), Oxford University, and Harvard University. Jonathan has provided legal advice on this topic to the UNCDF, World Bank, and central banks in Africa and the Pacific. He is a member of the United Nations' Pacific Roster of Experts.

Jonathan has bachelor degrees in Arts and Law, and a Masters in Law and Finance from Oxford University. Jonathan also has a Phd in Law from Oxford University.


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  • David Ramos, Javier Solana, Ross Buckley and Jonathan Greenacre, 'Protecting Mobile Money Customer Funds in Civil Law Jurisdictions' (2016) International & Comparative Law Quarterly
  • Ross Buckley, Jonathan Greenacre and Louise Malady, 'The Regulation of Mobile Money: A Case Study of Malawi' (2015) Global Studies Law Review
  • Jonathan Greenacre, 'The Roadmap Approach to Regulating Digital Financial Services' (2015) Journal of Financial Regulation
  • Jonathan Greenacre, 'Independent Regulators in Low-Income Banking Markets: A Bridge Too Far?' (2013) Banking and Finance Law Review
  • Jonathan Greenacre, 'The Rise of Mobile Money: Regulatory Issues for Australia' (2013) Journal of Applied Finance
  • Jonathan Greenacre and Ross Buckley, 'Using Trusts to Protect Mobile Money Customers' (2013) Singapore Journal of Legal Studies
  • Jonathan Greenacre, 'Can Retail Banking Regulation from Developed Markets Regulate Micro-finance Institutions?' (2011) International Trade and Business Law Review
  • Jonathan Greenacre and Thomas Chui, 'Chinese Investment in Australian Resources Companies: A Time for Reason, Not Fear' (2009) International Trade & Business Law Review
  • Jonathan Greenacre, 'Welcome to the Digital Age: Mobile Phones and Micro-finance' (2009) Gitam Journal of International Trade
  • Jonathan Greenacre, 'The Challenges of Transplanting Electoral Laws from Established to Fledgling Democracies' (2007) LawASIA
  • Jonathan Greenacre, 'The Continuing Rise of the Implied Term of Mutual Trust and Confidence' (2007) Employment Law Bulletin


Research programmes

Research Interests

Banking, payments, mobile money, and digital financial services.

Research projects