Experts have called for right regulations in tackling the growing risks and threats within Nigeria’s financial technology (Fintech) industry.
The experts who spoke at the Nigeria Fintech Forum agreed that the industry has experienced exponential growth in recent years, as more people pivot from traditional banking systems to digital services.
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They added that the sector which has greatly improved the country’s financial inclusion indices has also generated a lot of interest from financial and market regulators, who are now evaluating existing rules and enacting new ones to accommodate the growing opportunities and threats associated with the fintech sector.
The Chief Product Officer of i-invest, Mrs Tobi Olusoga, during a panel session at the forum, remarked that the right regulations are necessary to tackle growing risks and threats within the industry, but care must be taken not to stifle growth and innovation.
“i-invest being a regulated and compliant-first organisation understands that the regulations exist to create a more secure environment for all players within this growing industry.
“However, a system with too many regulations and guidelines can limit innovation while also impeding sustainable growth for businesses,” she stated.
She further stressed the need for a firmer handshake among key industry players for continuous dialogue with the various financial regulators on the importance of streamlining existing guidelines to suit the fast-changing industry without inhibiting growth and innovation.
“We must continue to have dialogues for simplified regulations that fully understand and tackle the challenges we face as an industry while enabling businesses to create solutions that promote financial inclusion in this digital age,” she said.
Other experts who joined Olusoga on the panel were Yinka Edu, Partner at Udo Udoma & Belo-Osagie; Kunle Apampa, Director at Capricorn Investment; Dr Babatunde Obrimah, COO of Fintech Association of Nigeria; Tolu Adetuyi, Co-Founder/CIO of Identity Pass and Jonah Adams, MD of Digital Infrastructure at Interswitch.
The Nigeria Fintech Forum, which was sponsored by i-invest, is a platform designed to drive thought-provoking and actionable conversations to foster sustainable growth in Nigeria’s fintech industry.
By Balogun Ayobami, Lagos