Experts harp on need to balance innovation with regulation in fintech space

At the recently held 10th edition of the Information Communications and Telecommunication Exhibition (ICTEL Expo), industry experts have emphasized the critical need to strike a balance between innovation and regulation in the fintech sector. The flagship event, organized by the Lagos Chamber of Commerce and Industry (LCCI), with the theme, ‘New Tech: Threats and Opportunities’, brought together key players in the technology and telecommunications and financial services industries.

Panelists at the 10th edition of the LCCI ICTEL Expo on the impact of regulations on fintech operations and innovation.

This year’s edition reflects Nigeria’s present journey towards a self-sustaining and productive digital economy; highlighting the transformative power of emerging technologies, mitigating the associated risks and exploring the endless possibilities they present.

The focus on fintech and telecoms sectors, evaluating their operations, challenges, yearnings and how to improve their services and productivity derives from the critical way in which they are deeply embedded in our lives today.

During a panel discussion on the impact of regulations on fintech operations and innovation, Partnerships Specialist Moniepoint Inc, Emmanuel Abadi, alongside other industry leaders, made a compelling case for increased collaboration across the fintech ecosystem.

Abadi stressed the importance of finding equilibrium between fostering innovation and implementing necessary regulations to ensure stability and consumer protection in the rapidly evolving fintech landscape.

“The regulatory landscape in Nigeria is evolving in a good way especially to the extent that we have hundreds of fintechs that are driving some of the mandates of the CBN today.

“At Moniepoint, we are very passionate about powering the dreams of millions of business owners and the individuals that they support and we have seen that financial inclusion has grown and thrived on the strength of existing regulation.

“We understand the imperative of using regulation as the lynchpin for driving stability in the nation’s economy at large, as well as the need to deepen consumer protection by building systems that will increase the public and regulator’s trust in the services that we as fintechs provide.

“Thankfully, there are channels in place that facilitate information exchange between the regulators and the players, and this has helped us a great deal,” Abadi noted.

Abadi also took the opportunity to showcase Moniepoint’s significant contributions to advancing the government’s socio-economic agenda, as evidenced by the launch of a definitive report around the informal economy, partnerships with the CAC, SMEDAN and Federal Ministry of Industry, Trade and Investment whilst underscoring the potential of fintech solutions to drive positive change in Nigeria’s financial services landscape.

The discussants also called on the need to have targeted guidelines that cater to the nuances and peculiarities of the fintechs and other innovative players, as against the current practice where majority of the rules in place are the same ones developed and applicable to the traditional financial institutions.

They maintained that regular and collaborative engagement between the fintechs and the regulators can fast track the formulation of regulatory guidelines that will be proactive and grow the industry.

The session which was moderated by Hakeem Olajide, CEO, Ascentree Services Ltd also had Ochanya Dan-Ugo, Director /Group Chief Risk Officer, Unified Payments and Seun Folorunso, AGM Projects & Relationships, FintechNGR as co-panelists.

The two-day expo featured a diverse array of activities, including special presentations, masterclasses, product demonstrations, exhibitions, and pitch sessions. These events provided attendees with valuable insights into the latest trends and developments in the information and communication technology sector.

Special guests at the event included President, Lagos Chamber of Commerce and Industry Mr. Gabriel Idahosa, FCA; Engr Leye Kupoluyi, Deputy President, LCCI; VP and Chairperson, Trade Promotion Board, Abimbola Olashore and Director-General, Chinyere Almona.

The ICTEL Expo, now in its tenth year, continues to serve as a crucial platform for industry stakeholders to exchange ideas, showcase innovations, and discuss the challenges and opportunities facing the ICT and fintech sectors in Nigeria.

As the fintech industry continues to evolve rapidly, the insights shared at this event underscore the importance of ongoing dialogue between innovators, regulators, and other stakeholders to ensure a thriving and responsible fintech ecosystem in Nigeria.