The Securities and Exchange Commission (SEC) of Nigeria is advocating for “smart regulation” to enhance the safety and sustainability of fintech operations. According to SEC Executive Commissioner Dayo Agama, these regulatory initiatives aim to create a supportive environment for innovation while ensuring consumer and investor protection.
The SEC has introduced the Regulatory Innovation Program, which allows fintech companies to test their business models safely before scaling up. This approach is designed to establish trust in the financial system by promoting transparency among fintech companies. Agama emphasized the importance of collaboration among various stakeholders—including fintech entrepreneurs, government bodies, and educational institutions—to drive inclusive growth and address challenges related to financial inclusion in Africa.
Moreover, there is recognition of significant opportunities within the fintech sector, especially given that millions remain financially excluded in Nigeria and across Africa. The SEC’s regulatory framework aims to balance innovation with the necessary oversight to protect consumers.
