The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Aminu Maida, announced that the NCC, in partnership with the Central Bank of Nigeria and the Securities and Exchange Commission, is actively enhancing the regulatory framework for the financial technology sector in Nigeria.
During the Nigeria Fintech Week in Lagos, Maida highlighted the importance of collaboration among regulatory bodies to drive innovation and protect the fintech ecosystem, which is essential for promoting financial inclusion and fostering sustainable growth in the country.
He pointed out that the thriving African fintech landscape is influenced not only by innovative advancements but also by the regulatory structures that support its evolution. “As the fintech landscape rapidly evolves, our regulatory approach must adapt accordingly. Effective regulation could unlock the full potential of fintech in Nigeria and throughout Africa, ensuring that growth is inclusive, sustainable, and beneficial for everyone,” said Maida.
In his address, Maida also mentioned the recent establishment of the Regulators Forum by Vice President Kashim Shettima, aimed at bolstering cooperation among regulatory entities, including the Financial Reporting Council.
Reflecting on previous collaborations, Maida noted that since signing a Memorandum of Understanding on payment systems with the Central Bank in 2018, both organizations have been working together to tackle systemic challenges within the fintech sector. This partnership has played a crucial role in developing a resilient regulatory framework that encourages financial inclusion and sustainable advancements.
The EVC emphasized the necessity for regulations to evolve in tandem with technological innovations. “The theme of this event underscores a vital reality: regulation must progress alongside technology. Although the law often lags behind, we must adapt. When effectively implemented, smart regulation can act as a catalyst for innovation and inclusivity rather than serve as an obstacle,” he stated.
Maida also highlighted the significance of regulatory sandboxes in fostering an environment conducive to innovation, allowing new fintech products to be tested within a flexible regulatory framework.
Additionally, he noted that Nigeria’s regulatory approach has received international recognition, pointing out the country’s classification by the International Telecommunication Union for its collaborative regulatory practices, now being applied to the fintech sector.
He underscored the necessity of aligning Nigeria’s fintech regulations with global standards, particularly in relation to cross-border transactions and remittances. Maida stressed that international collaboration is vital for ensuring that Nigerian fintech companies remain competitive globally.
