FintechNGR Renews Partnership with SEC to Strengthen Regulations for Nigerian Fintechs

In a significant move to deepen its advocacy objectives and enhance collaboration between regulators and fintechs in Nigeria, FintechNGR, led by the President Ade Bajomo, engaged with the Securities and Exchange Commission (SEC) in Abuja recently.

During the meeting with Dr. Emomotimi Agama, Director General, and the SEC management team, the pivotal role of FintechNGR as a leading fintech association and enabler was highlighted. The discussions focused on recent developments in the fintech sector, virtual assets, and fostering richer engagements between regulators and fintechs.

Mr. Bajomo commended the President of Nigeria, Bola Ahmed Tinubu, GCFR, for appointing highly qualified and distinguished individuals to the SEC’s current management team. He emphasized their crucial role in shaping fintech regulation in Nigeria.

During the meeting, Dr. Agama briefed the FintechNGR team on the new energy and direction of the SEC, aiming to further harness the benefits of fintechs for the overall economy. He stated, “SEC’s participation has been central to the evolution of the fintech ecosystem in Nigeria. We believe that proper regulation of fintechs and their affiliates can significantly enhance the market and deepen the investment landscape.”

Initiatives to be pursued with the fintech ecosystem include partnerships to make the 2024 Nigeria Fintech Week more impactful, enriching the activities of the Regulators Forum, organizing fintech learning series for various stakeholders, and exploring self-regulation status for FintechNGR to foster closer relationships with regulators.

It is noteworthy that FintechNGR initiated a Fintech Learning Series for regulators, leading to the development of a Fintech Adoption Roadmap Policy under the leadership of the SEC. This policy has resulted in the issuance of regulations such as crowdfunding rules, virtual asset rules, and robo-advisory rules. The Association is also facilitating similar work with the insurance sector to develop a comprehensive insurtech roadmap for Nigeria.