Aminu Maida, Executive Vice Chairman of the Nigerian Communications Commission, stated that the NCC, in collaboration with the Central Bank of Nigeria and the Securities and Exchange Commission, is working to strengthen the regulatory framework governing the country’s financial technology sector.
Speaking at the ongoing Nigeria Fintech Week in Lagos on Wednesday, Maida emphasized the need of regulatory collaboration in fostering innovation and safeguarding the country’s fintech ecosystem, which he described as critical to attaining financial inclusion and sustainable growth.
The NCC EVC emphasized that the expansion seen in Africa’s fintech ecosystem is determined not just by emerging technologies, but also by the legal frameworks that govern its development.
“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,” the telecom chief regulator said.
Maida also mentioned Vice President Kashim Shettima’s recent opening of the Regulators Forum, which strives to improve cooperation among regulatory authorities, including the Financial Reporting Council.
Reflecting on previous efforts, Maida stated that after signing a Memorandum of Understanding on Payment Systems with the CBN in 2018, both agencies have collaborated to solve systemic issues in the fintech sector.
This collaboration, he said, has made a substantial contribution to the development of a resilient regulatory environment that fosters financial inclusion and long-term growth.
Furthermore, the EVC underlined the importance of regulatory adaptability in response to technological changes.
“The theme of this event highlights an important truth: regulation must evolve alongside technology. As they say, 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.
The EVC also emphasized the importance of regulatory sandboxes in fostering an innovative environment, since they allow new financial products to be evaluated inside a flexible regulatory framework.
Maida further noted that Nigeria’s regulatory strategy has received global recognition, citing the country’s inclusion in the International Telecommunication Union’s benchmark for collaborative regulation.
“This acknowledges our strong regulatory practices in the telecom sector, which we are extending to the fintech space,” the EVC said.
He emphasized the significance of harmonizing Nigeria’s fintech rules with global norms, particularly for cross-border transactions and remittances.
He emphasized the importance of international cooperation in guaranteeing Nigerian fintech firms’ global competitiveness.
