Lanre Idris Mustapha
The Executive Vice Chairman of the Nigerian Communications Commission, NCC, Aminu Maida, has announced that the NCC, along with the Central Bank of Nigeria, CBN, and the Securities and Exchange Commission, SEC, is working to strengthen regulations in Nigeria’s financial technology, FINTECH, sector.
Speaking at the Nigeria Fintech Week in Lagos, Maida stressed that cooperation among regulators is essential to fostering innovation and ensuring the stability of the fintech industry, which he described as crucial for promoting financial inclusion and driving economic growth.
He explained that the fintech sector’s growth in Africa is shaped not only by new technologies but also by the regulatory frameworks that guide it. Maida emphasized that “smart regulation” can unlock fintech’s full potential in Nigeria and across Africa, ensuring that development is inclusive and sustainable.
Maida also mentioned the recent launch of the Regulators Forum, initiated by Vice President Kashim Shettima, which aims to improve coordination between agencies like the NCC, CBN, SEC, and the Financial Reporting Council.
He highlighted the success of the 2018 Memorandum of Understanding between the NCC and CBN, which has helped address challenges in the fintech industry and build a more resilient regulatory system.
The EVC stressed that regulations must keep up with technological advancements and should serve as a tool to enable innovation. He also noted the importance of regulatory sandboxes, which allow fintech innovations to be tested in a controlled environment.
Maida further noted that Nigeria’s regulatory framework has gained international recognition and urged the country to align its fintech regulations with global standards, particularly in areas such as cross-border transactions, to ensure Nigerian fintech companies remain competitive on the global stage.
