Nigeria’s financial technology (Fintech) industry has experienced exponential growth in recent years, as more people pivot from traditional banking systems to digital services. 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.
In light of the growing concerns, the Chief Product Officer of i-invest, Mrs. Tobi Olusoga, joined other industry experts at the Nigeria Fintech Forum to discuss the impact of the various financial regulations on fintech businesses. Speaking on the panel, she 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.