The Nigerian Communications Commission (NCC), in collaboration with the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), is working to bolster the regulatory framework governing the nation’s financial technology (fintech) sector. This was revealed by the Executive Vice Chairman of the NCC, Aminu Maida, during his speech at the ongoing Nigeria Fintech Week in Lagos on Wednesday.
Maida emphasized that collaboration among regulatory bodies is essential to support innovation and protect the country’s growing fintech ecosystem, which he described as key to driving financial inclusion and sustainable growth in Nigeria.
“As the fintech space evolves rapidly, so too must our approach to regulation. Smart regulation could be the key to unlocking the full potential of fintech in Nigeria and across Africa, ensuring that growth is inclusive, sustainable, and beneficial to all,” Maida stated, highlighting the importance of adapting regulations to keep pace with technological advancements.
The NCC chief further noted that the growth of Africa’s fintech industry has been shaped by emerging innovations as well as the regulatory structures that support it. He referenced the recent inauguration of the Regulators Forum by Vice President Kashim Shettima, designed to foster greater cooperation between regulatory agencies, including the Financial Reporting Council.
Reflecting on past efforts, Maida recalled the signing of a Memorandum of Understanding with the CBN in 2018 on payment systems. Since then, both agencies have been working to address systemic challenges in the fintech space. This partnership, according to Maida, has contributed to creating a resilient regulatory framework that promotes financial inclusion.
He also emphasized the need for regulatory bodies to adapt to new technologies, stating that regulation must evolve alongside innovations in fintech. “The law is always behind technology, but we must adapt. When done right, smart regulation becomes an enabler of innovation and inclusion, not a barrier,” he said.
Maida spoke about the role of regulatory sandboxes, which allow fintech companies to test new products in a flexible environment, encouraging innovation without compromising compliance. Nigeria’s regulatory practices have also gained global recognition, with the International Telecommunication Union (ITU) classifying the country within its benchmark for collaborative regulation.
“This acknowledges our strong regulatory practices in the telecom sector, which we are extending to the fintech space,” Maida noted, stressing the importance of aligning fintech regulations with global standards, especially in areas like cross-border transactions and remittances.
He further emphasized that international cooperation is essential to keep Nigerian fintech companies competitive on the global stage.
