The Executive Vice Chairman of the Nigerian Communications Commission (NCC) Aminu Maida, has announced ongoing efforts to enhance the regulatory framework for the financial technology (fintech) sector during Nigeria Fintech Week in Lagos on Wednesday.
This initiative, in collaboration with the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission, aims to foster innovation and support financial inclusion and sustainable growth.
Maida highlighted the importance of collaboration among regulatory bodies to create a conducive environment for fintech development. He noted that the evolution of Africa’s fintech ecosystem is influenced not only by technological innovations but also by effective regulatory frameworks. “Smart regulation could be the key to unlocking the full potential of fintech in Nigeria and across Africa,” he stated.
He also referenced the recent inauguration of the Regulators Forum by Vice President Kashim Shettima, aimed at enhancing cooperation among regulatory entities, including the Financial Reporting Council.
Reflecting on previous collaborations, Maida mentioned the Memorandum of Understanding on payment systems signed with the CBN in 2018, which has been instrumental in addressing challenges within the fintech sector.
The EVC emphasized the need for regulatory adaptation in light of rapid technological advancements. “Regulation must evolve alongside technology,” he remarked, asserting that well-crafted regulations can enable innovation and inclusion rather than hinder them. He advocated for the use of regulatory sandboxes to facilitate testing of new fintech products within a flexible framework.
Maida noted that Nigeria’s regulatory approach has received global recognition, particularly in the International Telecommunication Union’s benchmark for collaborative regulation, and stressed the importance of aligning fintech regulations with international standards.
He underscored that international cooperation is vital for maintaining the competitiveness of Nigerian fintech firms on the global stage.
