Science & Tech
THE Securities and Exchange Commission (SEC) says that providing a regulatory environment that is conducive for innovative use of technology (smart regulation) is essential in the drive to transform Nigeria.
Dr Emomotimi Agama, Director-General, Securities and Exchange Commission (SEC), said this on Tuesday at the seventh edition of the Nigeria Fintech Week (NFW) in Lagos.
The three-day event has the theme: “Positioning Africa’s Ecosystem to Accelerate Inclusive Growth”.
Agama said that a future and smart regulation could work hand-in-hand to position the Fintech ecosystem in Africa toward accelerated and inclusive growth.
He said: “Smart regulation serves as a catalyst for increasing growth by promoting transparency, protecting investors and ensuring financial stability in a rapidly evolving ecosystem.
” Fintech, particularly in Africa, offers transformative potential that addresses non-standard challenges such as financial inclusion, limited access to credit and the inefficiencies of traditional financial services.”
The SEC boss noted that according to the World Bank, a significant proportion of Africa’s population remained unsafe or completely unbanked, limiting their access to essential financial services.
He said that Fintech had emerged as a solution, offering services that were not only accessible but also cost-effective.
Agama said that regulation played a pivotal role in ensuring Fintech solutions were safe, sustainable and beneficial for all youths.
“Smart regulation builds trust by ensuring that Fintech companies operate transparently and that consumer rights are protected.
“For example, our regulations require all Fintech companies dealing with digital assets, cryptocurrencies and other securities to adhere to robust anti-money laundering and new customer standards.
“This puts us in a safer environment for both investors and consumers.
“Determining what a more inclusive and African Fintech ecosystem requires is a collaboration across all sectors,” he said.
He stressed that beyond regulation, government could promote Fintech through initiatives such as digital infrastructure development and public-private sector partnerships.
The SEC boss added that Fintech could also be promoted through internal programmes to build digital skills in Fintech.M
Mr Akin-Akintunde Àjàyí, Business Development Lead, MasterCard, in his address “Future of Digital Payments in Africa”, said that there was need to improve the financial system to enable tailored solutions tailored to global market.
He said that MasterCard believed in the future of digital payments in Africa and cooperation with fintechs.
“Fintechs have been at the forefront of creating local advanced solutions that resonated with Nigerians.
“By partnering with Fintech, we don’t just replace apps, we build energy systems that reflect the global landscape of Nigeria,” he said.
Ajayi said that MasterCard had enabled over 2.4 billion individuals in Africa, mostly small-holder partners participating in the digital economy.
He said: “We are committed to reaching 15 billion individuals in Africa depending on the next five years.
“We aim to empower 15 million micro and small businesses, and we aim to accelerate employment in Africa for local and international partners.”
Mr Ade Bajomo, President, FintechNGR, said that the conference was not just about technology, but also about transforming lives.
He added that the conference had potential to lift people out of poverty and create wealth for future generations.
“The digital revolution across Africa remains relentless as we transition into the 5th industrial revolution.
“We stand at crossroads, a moment of immense potential and opportunities for the development of the continent.
“Also, if not alert and mindful, the potential to undermine and underachieve our capabilities, this is not just about technology; it’s about transforming lives.
“This conference also puts Africa at the fore of an unprecedented socio-economic drive that we must continue to push to the very last mile as a platform to lift people out of poverty and create wealth for the continent for future generations,” he said.
Bajomo emphasised the need for responsible leadership and ethics in the Fintech sector.
He stressed the need for the right policies, partnerships, and innovations to ensure that Africa’s Fintech revolution could be the key to unlocking the continent’s full potential.
The News Agency of Nigeria (NAN) reports that the three-day event began on Oct. 8 and will end Oct. 10. (NAN)
9th October, 2024.
C.E.
Tags: SEC Securities and Exchange Commission
