The Government Vice Chairman of the Nigerian Communications Fee, Aminu Maida, has stated that the NCC, in collaboration with the Central Financial institution of Nigeria and the Securities and Trade Fee, is working to strengthen the regulatory framework governing the monetary expertise sector within the nation.
Talking on the ongoing Nigeria Fintech Week in Lagos on Wednesday, Maida emphasised the function of collaboration amongst regulatory our bodies to foster innovation and safeguard the nation’s fintech ecosystem, which he described as very important for reaching monetary inclusion and sustainable progress.
The NCC EVC identified that the expansion seen throughout Africa’s fintech ecosystem is formed not solely by rising improvements but additionally by the regulatory frameworks that information its growth.
“Because the fintech area evolves quickly, so too should our strategy to regulation. Good regulation could possibly be the important thing to unlocking the complete potential of fintech in Nigeria and throughout Africa, guaranteeing that progress is inclusive, sustainable, and helpful to all,” the telecom chief regulator stated.
Maida additionally referenced the current inauguration of the Regulators Discussion board by Vice President Kashim Shettima, which goals to reinforce cooperation between regulatory our bodies, together with the Monetary Reporting Council.
Reflecting on previous efforts, Maida recalled that since signing a Memorandum of Understanding on cost programs with the CBN in 2018, each businesses have been working collectively to deal with systemic challenges within the fintech sector.
This partnership, he stated, has contributed considerably to constructing a resilient regulatory framework that promotes monetary inclusion and sustainable progress.
Additional, the EVC burdened the necessity for regulatory adaptation in response to technological developments.
“The theme of this occasion highlights an essential reality: regulation should evolve alongside expertise. As they are saying, the legislation is at all times behind expertise, however we should adapt. When accomplished proper, good regulation turns into an enabler of innovation and inclusion, not a barrier,” he stated.
The EVC additionally underscored the function of regulatory sandboxes in creating an innovation-friendly setting, as these permit new fintech merchandise to be examined inside a versatile regulatory framework.
Maida additionally identified that Nigeria’s regulatory strategy has gained international recognition, citing the nation’s classification throughout the Worldwide Telecommunication Union’s benchmark for collaborative regulation.
“This acknowledges our robust regulatory practices within the telecom sector, which we’re extending to the fintech area,” the EVC stated.
He additional burdened the significance of aligning Nigeria’s fintech laws with international requirements, particularly in areas like cross-border transactions and remittances.
Worldwide cooperation, he famous, is essential to making sure that Nigerian fintech corporations stay aggressive on the worldwide stage.