By Temi Olowu
Nigeria’s Communications Commission (NCC) is working with the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to strengthen the regulatory framework governing the country’s burgeoning fintech sector.
Speaking at the Nigeria Fintech Week in Lagos, NCC Executive Vice Chairman Aminu Maida stressed the need for collaboration among regulators to foster innovation and protect the fintech ecosystem, which is vital for financial inclusion and sustainable growth.
Maida noted the role of smart regulation in unlocking the full potential of fintech, ensuring that growth is inclusive, sustainable, and beneficial to all.
He referenced the recent inauguration of the Regulators Forum by Vice President Kashim Shettima, which aims to enhance cooperation between regulatory bodies.
The NCC EVC recalled the successful collaboration with the CBN since signing a Memorandum of Understanding (MoU) on payment systems in 2018.
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This partnership has contributed significantly to building a resilient regulatory framework that promotes financial inclusion and sustainable growth.
Maida stressed the importance of regulatory adaptation in response to technological advancements. “The law is always behind technology, but we must adapt,” he said. “When done right, smart regulation becomes an enabler of innovation and inclusion, not a barrier.”
The EVC also pointed out the role of regulatory sandboxes in creating an innovation-friendly environment.
He noted that Nigeria’s regulatory approach has gained global recognition, citing the country’s classification within the International Telecommunication Union’s benchmark for collaborative regulation.
Maida further stressed the importance of aligning Nigeria’s fintech regulations with global standards, especially in areas like cross-border transactions and remittances.
International cooperation is crucial to ensuring that Nigerian fintech firms remain competitive on the global stage.
(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)
