FintechNGR renews partnership with SEC to strengthen regulations

In a move to deepen its advocacy objectives and enhance collaboration between regulators and financial technology firms in Nigeria, FintechNGR has engaged with the Securities and Exchange Commission (SEC) in Abuja.

With the engagement centred on improving the ecosystem and deepening regulations, the President, led by President Ade Bajomo, commended President Bola Ahmed Tinubu for appointing highly qualified and distinguished individuals to the SEC’s current management team.

He emphasised SEC’s crucial role in shaping fintech regulation in Nigeria.
At the meeting, the Director-General of SEC, Dr Emomotimi Agama, said fintechs have major roles to play in deepening the economy.

With discussions focused on recent developments in the fintech sector, virtual assets and fostering richer engagements between regulators and fintechs, Agama briefed the FintechNGR team on the new energy and direction of the SEC, which also aims to harness the benefits of fintechs for the overall economy.

“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,” he said.

Also, Bajomo disclosed that 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.

According to him, the FintechNGR initiated a Fintech Learning Series for regulators, leading to the development of a Fintech Adoption Roadmap Policy under the leadership of the SEC.

Bajomo explained that this policy has resulted in the issuance of regulations such as crowdfunding rules, virtual asset rules, and robo-advisory rules, adding that the Association is also facilitating similar work with the insurance sector to develop a comprehensive insurtech roadmap for Nigeria.