Outline:
FintechNGR Engages with Regulators and Lawmakers to Boost Sector Growth
FintechNGR, the umbrella organization representing financial technology operators in the country, recently held high-level discussions with top regulators and lawmakers in an effort to enhance collaboration and drive growth within the sector. The initiative aimed to foster a more supportive environment for fintech innovation and address key challenges facing the industry.
The FintechNGR delegation, led by Dr. Segun Aina, chairman of the Board of Trustees and president of AFN, included several key figures such as Dr. Stanley Jacob, CEO of Zest Payments and president of FintechNGR; Dr. Mrs. Jameelah Sharrieff-Ayedun, CEO of Credit Registry and vice president of FintechNGR; Mr. Oluwaseun Adesanya, Transformation and Innovation Executive and treasurer of FintechNGR; and Mrs. Omotola Olatujayan, a fellow of AFN. They met with representatives from the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), National Insurance Commission (NAICOM), and members of the Senate Committee on Banking and Finance and ICT.
During their meeting with Dr. Olayemi Cardoso, Governor of the CBN, the FintechNGR team emphasized the need to standardize the Africa License Fintech Passport initiative. This move is intended to encourage innovation and help bridge the gap in financial inclusion across the continent. In response, Dr. Cardoso acknowledged the rapid development of fintechs and highlighted the importance of creating a framework that benefits all stakeholders in the ecosystem.
“All we want to hear from your organization is good news. Drive your members in the direction that is good for the country,” he said.
Dr. Rakiya Opemi Yusuf, Director of the Payments System Supervision Department at the CBN, reiterated the bank’s commitment to fostering innovation while ensuring compliance among fintech companies. She emphasized the need for policies that promote a stable and inclusive financial system, along with product innovation and discipline within the sector.
Dr. Stanley Jacob stressed the importance of continuous engagement between regulators and fintechs to deepen financial inclusion. He noted that open dialogue is essential to address challenges and seize opportunities in the rapidly evolving landscape.
Addressing Insurance Penetration and Collaboration Opportunities
At a session with Mr. Olusegun Ayo Omosehin, Commissioner of NAICOM, the FintechNGR team pointed out that Nigeria’s insurance penetration remains critically low, ranging between 1% and 3%. This situation was viewed as both a challenge and an opportunity for growth. Both NAICOM and FintechNGR expressed interest in exploring potential partnerships between fintech companies and insurance sector operators.
However, they also raised concerns about the lack of supervisory technology to improve oversight and enforcement in the insurance sector. The two organizations agreed to work together to identify gaps in the insurance ecosystem and find digitally capable players who can support the sector through the use of technology.
Expanding Fintech Beyond Payments
In discussions with Senator Adetokunbo Abiru, Chairman of the Senate Committee on Banking and Finance, FintechNGR emphasized the need for fintechs to expand beyond payments into areas such as health-tech, insur-tech, edu-tech, and agric-tech. These sectors offer significant potential for growth and innovation.
The delegation also commended the SAIL Innovation Lab, a technology and entrepreneurship hub launched by Senator Mukhail Adetokunbo Abiru and the SAIL Foundation in partnership with Co-Creation Hub Africa. The lab serves as a platform for young changemakers, offering cross-functional programs and opportunities that inspire students and provide them with relevant technology, business, and digital skills.
AFN and FintechNGR also discussed with Senator Abiru ways to kick-start the Fintech Passport initiative, which aims to increase cross-border trade in Africa. They also explored the possibility of certifying chartered professionals in fintech, similar to institutions like CIBN and ICAN. These efforts would involve notifying the Minister of Finance, the CBN Governor, and other relevant stakeholders.
Commitment to Digital Economy Transformation
The delegation concluded their engagements with Senator Shuaib A. Salisu, Chairman of the Senate Committee on ICT. Senator Salisu reaffirmed the Senate’s readiness to enact forward-looking policies that drive Nigeria’s digital economy transformation. He emphasized the role of legislation in creating an enabling environment for fintech growth, data protection, and cybersecurity.
He encouraged deeper collaboration with innovators to accelerate Nigeria’s journey toward a trillion-dollar digital economy. Senator Salisu also welcomed the opportunity to integrate insights from the fintech ecosystem into the committee’s legislative agenda, aiming to strengthen Nigeria’s competitiveness in the global digital space.