The Securities and Exchange Commission says that providing a regulatory environment conducive to innovative use of technology (smart regulation) is essential in the drive to transform Nigeria.
Emomotimi Agama, SEC’s director-general, said this on Tuesday at the Nigeria Fintech Week (NFW) seventh edition in Lagos.
Mr Agama said that a future and smart regulation could work hand-in-hand to position the fintech ecosystem in Africa towards accelerated and inclusive growth.
He said, “Smart regulation serves as a catalyst for increasing growth by promoting transparency, protecting investors and ensuring financial stability in a rapidly evolving ecosystem.
”Fintech, particularly in Africa, offers transformative potential that addresses non-standard challenges such as financial inclusion, limited access to credit and the inefficiencies of traditional financial services.”
The SEC boss noted that according to the World Bank, a significant proportion of Africa’s population remained unsafe or completely unbanked, limiting their access to essential financial services.
He said that fintech had emerged as a solution, offering services that were not only accessible but also cost-effective.
Mr Agama said smart regulation “builds trust by ensuring that fintech companies operate transparently and that consumer rights are protected.”
“For example, our regulations require all fintech companies dealing with digital assets, cryptocurrencies and other securities to adhere to robust anti-money laundering and new customer standards,” the SEC boss explained. “This puts us in a safer environment for both investors and consumers. Determining what a more inclusive and African fintech ecosystem requires is a collaboration across all sectors.”
He stressed that the government could promote fintech beyond regulation through initiatives such as digital infrastructure development and public-private sector partnerships.
The SEC boss added that fintech could also be promoted through internal programmes to build digital skills in fintech.
Akin-Akintunde Àjàyí, MasterCard’s business development lead, MasterCard, said there was a need to improve the financial system to enable tailored solutions tailored to the global market.
He said that MasterCard believed in the future of digital payments in Africa and cooperation with fintechs.
“Fintechs have been at the forefront of creating local advanced solutions that resonated with Nigerians. By partnering fintech, we don’t just replace apps; we build energy systems that reflect the global landscape of Nigeria,” he said.
(NAN)
