As technology is driving pivotal roles in economic diversification and growth, social inclusion, job creation, with resultant efficiency and transparency of process across sectors, the Federal Government has said it will create an enable environment and policies to drive innovation and dynamism in the financial technology space in Nigeria.
Representative of the Federal Government at the Lagos Fintech Week, Senior Special Assistant to the President, Lanre Osibodu who spoke at the event said such policies will enable boundless innovation in the manner that the government will be able to deliver health services, innovation in agriculture, education, and provide access to finance and associated cost of finance.
He pointed that government and regulatory agencies need to encourage innovation and dynamism in the financial technology space to allow creativity, while balancing sector risks.
“We will do all that is necessary to ensure the successful scaling and growth of the sector. So far, we are happy with the recent Payment Service Bank [PSB] framework, which we see as a first step towards opening up the sector. Our overall objective is to become a digital economy giant,” he said.
He therefore advised that there must be a maturity of purpose in the effort of the Fintech ecosystem, adding that “as we create and innovate, there should be community governance and agreed rules set by a body such as the Lagos Fintech.”
He reiterated that such a body must foster a collaborative working relationship with the government.
“The body must seek to become the respected authority that commands sector regard and seen to be working for the commercial growth and sustainability of the sector. It should be engaged in the formulation of policy and regulatory framework, and be the yardstick of excellence,” he said.
Press release
