Speaking at Nigeria Fintech Week in Lagos on Wednesday, Maida emphasized the importance of collaboration between regulatory agencies to support innovation and safeguard Nigeria’s fintech ecosystem, which he described as crucial for financial inclusion and sustainable economic growth.
According to Maida, the fintech sector’s rapid expansion in Africa is being shaped by both emerging innovations and the regulatory frameworks governing its development.
“As the fintech space evolves rapidly, so must our approach to regulation. Smart regulation could be the key to unlocking the full potential of fintech in Nigeria and across Africa, ensuring that growth is inclusive, sustainable, and beneficial to all,” said Maida.
He highlighted the recent inauguration of the Regulators Forum by Vice President Kashim Shettima as a key initiative to improve collaboration between regulatory bodies, including the Financial Reporting Council.
Maida also reflected on the NCC's partnership with the CBN, noting that since signing a Memorandum of Understanding in 2018, the two institutions have been addressing critical challenges in the fintech space. This ongoing collaboration has helped establish a robust regulatory framework that promotes both financial inclusion and sustainable growth.
He emphasized the need for regulatory adaptation to keep pace with technological advancements. “The law often lags behind technology, but we must adapt. When done correctly, smart regulation becomes an enabler of innovation and inclusion, rather than a barrier,” Maida remarked.
The EVC pointed to the importance of regulatory sandboxes in fostering a flexible environment for testing new fintech products and innovations. He also noted that Nigeria’s approach to regulation has earned global recognition, citing the country’s ranking in the International Telecommunication Union’s benchmark for collaborative regulation.
Maida concluded by stressing the importance of aligning Nigeria’s fintech regulations with international standards, particularly in areas such as cross-border transactions and remittances. He stated that global cooperation is essential to ensuring Nigerian fintech firms remain competitive on the world stage.
