FintechNGR engages CBN, NAICOM, others on strengthening fintech regulatory framework

The Fintech Association of Nigeria (FintechNGR), the umbrella body of financial technology operators in the country have engaged top regulators and lawmakers, aimed at strengthening collaboration to boost growth of the sector.

The delegation, led by Segun Aina, chairman, Board of Trustees, FintechNGR, and President, Africa Fintech Network (AFN) engaged with the Central Bank of Nigeria (CBN); Securities and Exchange Commission (SEC); National Insurance Commission (NAICOM); Senator Adetokunbo Abiru, chairman, Senate Committee on Banking and Finance; and Senator Shuaib A. Salisu, Chairman, Senate Committee on ICT.

At the meeting Olayemi Cardoso, governor of the Central Bank of Nigeria, discussions focused on leveraging fintech innovations to bridge the financial inclusion gap.

Cardoso highlighted the rapid growth of fintechs in Nigeria and emphasized the importance of developing regulatory frameworks that ensure sustainability and inclusivity within the ecosystem.

Also speaking, Rakiya Opemi Yusuf, director of the Payments System Supervision Department, CBN, reaffirmed the Bank’s commitment to policies that promote product innovation, compliance, and financial system stability.

Stanley Jacob emphasised the need for sustained engagement between regulators and fintechs to further deepen financial inclusion.

During an interactive session with Olusegun Ayo Omosehin, commissioner for Insurance, NAICOM, both parties explored opportunities for collaboration between fintechs and the insurance sector.

They agreed to jointly identify gaps in the insurance ecosystem and leverage digitally capable players to close those gaps through innovative technology solutions.

With Senator Adetokunbo Abiru, chairman of the Senate Committee on Banking and Finance, the FintechNGR team highlighted the need for fintech expansion beyond payments into Health-tech, Insur-tech, Edu-tech, Agric-tech, and other verticals.

The delegation also commended the SAIL Innovation Lab, a hub established by Senator Abiru, as a launchpad for young changemakers providing digital skills and opportunities to tech enthusiasts and young entrepreneurs.

The engagements concluded with a session with Senator Shuaib A. Salisu, chairman of the Senate Committee on ICT, who reaffirmed the Senate’s commitment to forward-looking legislation that drives Nigeria’s digital economy transformation. Senator Salisu emphasized the role of strong policies in enabling fintech growth, ensuring data protection, and enhancing cybersecurity, while also welcoming continued collaboration with innovators to strengthen Nigeria’s competitiveness in the global digital space.

Other members of the fintech delegation include Stanley Jacob, CEO, Zest Payments Ltd. and president, FintechNGR; Jameelah Sharrieff-Ayedun, CEO, Credit Registry Ltd. and vice president, FintechNGR; Oluwaseun Adesanya, Transformation & Innovation Executive and Treasurer, FintechNGR; and Omotola Olatujayan, fellow, AFN.