By DAYO ADESULU
- NCC, CBN, and SEC Join Forces to Enhance Financial Technology Regulations
Aminu Maida, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), has announced that the NCC is collaborating with the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to strengthen the regulatory framework governing the financial technology (fintech) sector in the country. This initiative aims to foster innovation while ensuring the protection of stakeholders within the fintech ecosystem.
- Emphasizing Collaboration for Innovation and Growth
Speaking at the ongoing Nigeria Fintech Week in Lagos on Wednesday, Maida highlighted the importance of collaboration among regulatory bodies in promoting a robust fintech landscape. He described the fintech ecosystem as vital for achieving financial inclusion and sustainable economic growth in Nigeria.
“The growth observed in Africa’s fintech ecosystem is influenced not only by emerging innovations but also by the regulatory frameworks that underpin their development,” Maida stated. He emphasized that as the fintech space evolves rapidly, regulatory approaches must also adapt to effectively nurture this growth.
- The Role of Smart Regulation
Maida asserted that smart regulation could be the key to unlocking the full potential of fintech in Nigeria and across Africa. He stressed the need for regulations that are inclusive, sustainable, and beneficial to all stakeholders in the sector.
During his address, Maida referenced the recent inauguration of the Regulators Forum by Vice President Kashim Shettima, which aims to enhance cooperation between regulatory bodies, including the Financial Reporting Council. This forum is expected to facilitate dialogue and collaboration among regulators, ultimately strengthening the fintech sector.
- Building a Resilient Regulatory Framework
Reflecting on the progress made since signing a Memorandum of Understanding on payment systems with the CBN in 2018, Maida noted that both agencies have worked together to address systemic challenges within the fintech sector. He emphasized that this partnership has significantly contributed to building a resilient regulatory framework that promotes financial inclusion and fosters sustainable growth.
As the fintech industry continues to expand, the collaborative efforts of the NCC, CBN, and SEC are crucial in ensuring that Nigeria remains at the forefront of innovation while maintaining a secure and regulated environment for financial technology development.
