NCC And Stakeholders Advocate For Strengthened Fintech Regulations, Says Maida
The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Aminu Maida, announced that the NCC is working closely with the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to enhance the regulatory framework governing the financial technology (fintech) sector. Speaking at the Nigeria Fintech Week in Lagos, Maida emphasized the importance of inter-agency collaboration to foster innovation while safeguarding Nigeria’s rapidly growing fintech ecosystem, which he described as critical for achieving financial inclusion and sustainable growth.
Maida highlighted that the growth of Africa’s fintech sector is being shaped not only by innovative advancements but also by the regulatory frameworks that guide its development. He noted that “smart regulation” is key to unlocking fintech’s potential, ensuring that its growth is inclusive and beneficial to all. The NCC is working to ensure that as the fintech sector evolves, so does the regulatory approach, positioning it as an enabler of innovation rather than a barrier.
The EVC also referred to the recent inauguration of the Regulators Forum by Vice President Kashim Shettima, which aims to improve cooperation between key regulatory bodies, including the Financial Reporting Council. He pointed to the 2018 Memorandum of Understanding signed between the CBN and NCC on payment systems as an example of ongoing efforts to build a resilient regulatory framework for fintech. This collaboration, he noted, has significantly contributed to promoting financial inclusion and ensuring sustainable growth.
Maida also stressed the need for regulatory bodies to stay agile, adapting quickly to technological advancements. He praised the use of regulatory sandboxes, which provide a flexible environment for fintech innovations to be tested. These sandboxes allow new products to operate under a more adaptable regulatory framework, encouraging innovation while maintaining necessary oversight.
Citing Nigeria’s global recognition within the International Telecommunication Union’s benchmark for collaborative regulation, Maida expressed confidence that the country’s regulatory practices, especially in telecoms, could successfully extend to the fintech sector. He further highlighted the importance of aligning Nigeria’s fintech regulations with global standards, particularly in cross-border transactions and remittances, stressing that international cooperation is essential for Nigerian fintech firms to remain competitive on the global stage.
