In Sub-Saharan Africa (SSA), Financial Technology, or FinTech, is significantly shaping the way consumers access financial services, and it is clear that FinTech will continue to revolutionize payment, savings, borrowing, and investment within the financial sector in the coming years. However, the evolution of FinTech services in SSA raises a number of critical issues: What are the key antecedents of FinTech adoption and how are consumers responding to the new FinTech ecosystem? What is the impact of FinTech activities on banks, and how are banks responding to the competition posed by FinTech start-ups? What has been the regulatory response to FinTech development in light of the possible threats to the financial system? Relying on the Unified Theory of Acceptance and Use of Technology (UTAUT) and Public Interest Theory of Regulation, this study addresses these questions. Data for the study was obtained by undertaking a cross-country electronic survey with participants from Ghana, Nigeria, Kenya, and South Africa. A total of 818 students and 132 bank officials with FinTech usage experience were recruited. The questionnaires were designed in Google Forms and administered to participants to elicit their responses. Qualitative data was also gathered using a semi-structured interview guide. Structural equation modelling (SEM) using PLS v 3.0 and logistic regression techniques were applied to analyze the quantitative data, while qualitative content analysis was undertaken to analyze the qualitative data. The empirical analysis revealed that consumers consider both risk and benefit factors when making FinTech adoption choices. We observe that whereas economic benefits, convenience, and perceived usefulness of FinTech services encourage consumer uptake, risk factors such as operational risk, legal risk, security risk, and privacy concerns impede FinTech adoption. It was, however, revealed that perceived benefit factors are prioritized by consumers over possible risk factors when considering FinTech adoption. The result further revealed that consumers who adopt FinTech platforms such as automated asset management (Robo-Advisors), equity crowdfunding, and peer-to-peer lending are more likely to save, invest, and borrow using these platforms. The study finds no evidence to suggest a significant influence of FinTech development on the performance of traditional banks. It was further found that whereas there has been increased FinTech activity within the financial space over the past decade, regulatory response to FinTech services within SSA has mainly focused on the use of existing financial legislation and policies instead of bespoke regulatory policies. The findings from the study have important implications for both research and practice. It may be of interest to FinTech regulators, traditional financial institutions, FinTech firms, and academics focusing on FinTech research.