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FG, Financial and Telco Regulators Restate Commitment to Scaling Fintech Industry in Nigeria

Fintech	1380 VIEWS
Fintech
1380 VIEWS

Friday, April 26, 2019 /05.02PM / Ottoabasi Abasiekong for Proshare WebTV

The Federal Government and financial regulators including the Securities and Exchange Commission, SEC, Central Bank of Nigeria, CBN ,and the Nigeria Communications Commission, NCC have restated their commitments to the successful scaling and growth of the Fintech Industry in the country.

This was part of key addresses at the maiden edition of the Lagos Fintech Week, held in Lagos during the week.

Senior Special Assistant to the President on ICT, Mr Lanre Osibona giving his brief remarks on the, “Role of Government in Enabling Fintech”, said that Nigeria can experience massive job creation, economic opportunities and deepening of financial inclusion through a robust fintech ecosystem.

Osibona lauded the organizers of the event for hosting the forum which focused on the theme “Fintech: Exploring The Huge Opportunities” and called for more community governance and engagement in the formulation of policies that will shape the industry.

The SSA also informed stakeholders that the Federal Government has developed an identity management framework, which will be crucial in enabling the activities of companies.

Director of Payment Systems Management of the Central Bank of Nigeria, Mr Samuel Okojere in his remarks said that banks must embrace disruption, particularly in the era of the fourth industrial revolution driven by innovations like Artificial Intelligence and Big Data.

Okojere emphasised the need for collaboration amongst different stakeholders in the fintech sector, insisting that technical knowledge should be used to address issues like financial inclusion and expanded financial services.

The CBN Director assured stakeholders that it was committed and ready to work with all stakeholders to drive a virile Fintech ecosystem in Nigeria.

Mr Olutayo Adeeko, Senior Manager Finance of the NCC who represented the Executive Vice-Chairman/Director-General in his own presentation, was of the opinion that through the 2015-2018 National Broadband policy, the country has attained 30.9% penetration above the 30% target that was set.

Adeeko stated that for Nigeria to attain the level of a vibrant fintech industry, broadband was critical hence the need for the resolution of issues like the right of way across the 36 states of the federation.

The NCC reassured the Lagos Fintech Week summit that the regulator remained focused on deepening Nigeria’s broadband penetration, to provide the infrastructure for the growth for fintech.

Mr Emomotimi Agama the Deputy Director/Ag Head Registration, SEC Nigeria representing the Acting Director-General speaking said it has established a Fintech roadmap for the Nigerian capital market.

Apart from the market-wide committee set by SEC Nigeria on Fintech, Agama also asserted that the apex regulator has also developed a regulatory sandbox to guide its approach to providing safeguards and oversight for the industry.

Other areas that SEC Nigeria is exploring includes regtech, understanding the implications of fintech to the market and working out the sufficiency of the existing legal framework in place.

The Chairman of the Lagos Fintech Week Organizing Committee Dr Yele Okeremi in his welcome address, said that the summit was conceived to provide a platform for celebrating creativity, innovation and the resilience of young Nigerians.

He also stressed that the summit was also an opportunity to showcase innovation in the Nigerian fintech space, making a strong case for collaboration between government, regulators and Fintech players.