Stakeholders Unveil Regulations, Compliance at Fintech Forum 

Emma Okomji

In a remarkable collaborative effort to propel Nigeria’s burgeoning Fintech sector, prominent industry leaders gathered for a pivotal engagement session centered on the theme of “Regulatory Compliance and Governance: A Catalyst for Fintech Innovation.” The event, jointly hosted by the Chartered Institute of Bankers of Nigeria (CIBN), The Nest, The Trusted Advisors, and the Fintech CEO Forum, took place at The Nest technology hub in Yaba, Lagos.

The discussions transcended the ordinary, urging Fintech enterprises to consider regulations as an ongoing journey, embracing them as partners in continuous innovation. In a profound shift of perspective, regulatory compliance emerged as a requirement and as an enabler of growth.

Today, Nigeria’s FinTech sector has experienced rapid growth, with new FinTech products being introduced at unprecedented rates. The FinTech sector can be an important catalyst for further economic development, financial inclusion, innovation, and international investment in Nigeria, but experts believe regulation and compliance are key elements to sustaining the tempo.

A notable highlight of the event was the engaging chat session, fostering a spirited exchange of thoughts and queries. The interactive nature of the discourse provided a platform for startups to voice concerns, seek clarifications, and articulate the aspirations of the dynamic Fintech landscape. 

Noteworthy was the shared acknowledgment that government and regulators play a pivotal role in steering Nigeria’s Fintech sector towards success. Integral initiatives, such as the regulatory sandbox and the development of the NFS by the Central Bank of Nigeria (CBN), stand testament to the commitment to a balanced ecosystem.

Leading the discourse, the Registrar/Chief Executive, CIBN, Mr. Akin Morakinyo, summarised the shift from competition to co-opetition, emphasizing the need for collaborative problem-solving to fuel progress. He highlighted the importance of mentorship, urging Fintechs to seek knowledge and guidance.