The Director General of the Nigeria Securities and Exchange Commission (SEC), Emomotimi Agama, has stressed the importance of “smart regulation” to manage the fast growth of fintech while protecting investors and maintaining market integrity in Africa.
During his speech at the Nigeria Fintech Week 2024, Agama pointed out the potential of fintech to change Africa’s financial system, but also warned about major regulatory challenges.
“Misusing investment data, being vulnerable to cyber-attacks, and dealing with unregulated fintech companies are serious risks for investors,” Agama stated.
To tackle these issues, the SEC has launched a Regulatory Innovation Program, which allows fintech firms to test their business ideas in a controlled setting.
“Nigeria is in a good position to support global fintech innovation by creating a supportive environment and consistent regulatory rules,” Agama mentioned.
Ade Bajomo, the President of FintechNGR, also highlighted that the fintech industry still has many opportunities.
