Science & Tech
DR. Aminu Maida, Executive Vice Chairman, Nigerian Communications Commission (NCC), says that the future of Africa’s financial ecosystem is being shaped by innovation and regulatory frameworks that guide the growth of Fintech.
Maida made the assertion on Wednesday in Lagos at the ongoing Nigeria FinTech Week which has the theme: “Positioning Africa’s Fintech Ecosystem to Accelerate Inclusive Growth.”
He said that the event had been able to highlight the importance of smart regulation in positioning Africa’s ecosystem to accelerate inclusive growth.
“This event marks a remarkable journey of innovation and transformation we are witnessing across Africa’s financial ecosystem.
“Today, I will speak on the role of smart regulation in positioning Africa’s ecosystem to accelerate inclusive growth.
“Smart regulation is not a barrier, but an enabler of innovation and inclusion,” he said.
Maida, who was a Keynote Speaker, noted that the fintech space had evolved so rapidly, so the approach of its regulatory bodies to regulation must also improve.
He added that smart regulation could be the key to unlock the full potential of fintech in Nigeria and across Africa.
“Smart regulation recognises the unique needs of rapidly evolving markets and adjusts accordingly, balancing innovation with protection.
“It also ensures that growth is inclusive, sustainable and beneficial to all,” he said.
Maida identified the core principles of smart regulation as including a risk-based approach, tailoring regulatory responses to specific risks associated with different products and services.
He noted that this would ensure that regulation was proportionate to potential impacts, avoiding over-regulation where unnecessary.
“As they must say the law is always behind technology, but we must adapt.
“When done right, smart regulation becomes an enabler of innovation and inclusion but not a barrier
“Innovation-friendly environment requires creating space where innovation can thrive. Consumer protection which is very important and International cooperation are all important to fintech,” he said.
Maida added that regulators must work with industry participants, consumers, and other stakeholders to ensure practical and widely supported regulations.
“About two to three weeks ago, the Vice-President of Nigeria, Kashim Shettima, Chairman of the Presidential Enabling Business Environment Council (PEBEC) inaugurated a regulators’ forum.
“The forum is a platform for all regulators such as the NCC, Central Bank and the Security and Exchange Commission to discuss issues to move the economy forward.
“Smart regulation can help Africa achieve greater financial inclusion, economic competitiveness and attract investment into the fintech ecosystem.
“It also enables fintech to address critical social and environmental challenges, driving sustainable development,” he said.
The EVC disclosed that the synergy between fintech, telecoms, and payments had been a key enabler for financial inclusion, particularly in rural communities.
He noted that the NCC recognised the importance of inclusivity, empowering businesses in the informal sector to grow and prosper.
“Telecoms is not all about connecting people but also empowering businesses especially in the informal sector to grow, compete and prosper in the global digital economy.
“This synergy is evident in the financial rate we are seeing today,” he said.
Maida urged individuals, businesses and communities to commit to shaping a fintech ecosystem that drove innovation, fostered inclusivity and promoted sustainability.
“The potential for Fintech in Africa is immense but realising its benefits requires collective action.
“Together, we can build a future where fintech empowers every individual, community and business across the continent,” he said. (NAN)
9th October, 2024.
C.E.
Tags: Dr. Aminu Maida NCC Nigerian Communications Commission
