Regulated Growth · Issue 2 · 9 October 2026
This issue: a new Google pointer for South Africa, a risk warning that only shows once, and the dearer lead that costs less. Five minutes.
By Elijah Oling Wanga · Sources checked 7 October 2026 · Not legal advice
1 · The change
On 22 September 2026 Google added South Africa to its list of self-regulatory advertising codes, naming the Advertising Regulatory Board’s Codes of Advertising Practice. Google expects advertisers to follow local law “in addition to its standard Advertising policies” and to refer to these codes where relevant.
Who it affects: anyone whose Google ads target South Africa. For a fintech, the code sits on top of the National Credit Act and FAIS. No Kenyan, Nigerian or Ghanaian code is listed.
Check this week: add the ARB Code to the NCA and FAIS review your South African ads and pages already get.
Source: Google Ads Help, Update to Legal Requirements Policy (September 2026) and List of advertising codes, read 7 October 2026. Background: the dated policy tracker.
2 · The teardown
A pattern, not one page: a crypto landing page leads with a sign-up bonus, the risk warning is a first-visit pop-up, and the fees and bonus conditions sit on a separate terms page.
Why it gets flagged in Kenya. Each of those is now a named breach. Regulation 132 of the Virtual Asset Service Providers Regulations, 2026 (Legal Notice 134, gazetted 22 July 2026) prohibits first-visit-only risk pop-ups, fees placed under a separate section, and main-page bonuses with conditions elsewhere. Regulation 128(2) adds an exchange-rate warning when prices aren’t in shillings.
The fix. Warning, fees and bonus conditions on the landing page’s first screen, at every browser size, on every visit.
Source: Kenya Law, Legal Notice 134 of 2026, regulations 128 and 132, read 7 October 2026.
3 · The number
Illustrative figures, not a client’s. Two campaigns spend US$6,000 each.
| Campaign | Cost per lead | Cost per SQL |
|---|---|---|
| A: 120 MQLs, 20% become SQLs (24) | US$6,000 ÷ 120 = US$50 | US$6,000 ÷ 24 = US$250 |
| B: 60 MQLs, 50% become SQLs (30) | US$6,000 ÷ 60 = US$100 | US$6,000 ÷ 30 = US$200 |
B looks twice as expensive per lead and is 20% cheaper per SQL. If a third of SQLs close, A’s CAC is US$6,000 ÷ 8 = US$750; B’s is US$6,000 ÷ 10 = US$600.
On a 90-day cycle, Google’s default 30-day window can miss those SQLs, so import them as their own conversion. More in MQL vs SQL; run your own figures in the free CAC calculator.
That’s issue 2. Reply to the email version and tell me what you’re working on. It reaches me directly.
Elijah
P.S. If you want the gaps found at the cause rather than listed, the Acquisition Audit takes two weeks and is quoted to your scope.
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