In light of recent developments aimed at strengthening Nigeria’s fintech sector, Ade Bajomo, President of FintechNGR, led a team from the Association's Governing Council in an engagement with the Central Bank of Nigeria (CBN) to chart the way forward.

Receiving the team at the CBN headquarters in Abuja, Philip Ikeazor, Deputy Governor of Financial System Stability, commended FintechNGR’s active advocacy efforts, which have significantly improved the fintech ecosystem.

The Central Bank emphasised the need for the Association to work closely with stakeholders to operate within regulatory provisions, facilitate compliance, and establish robust risk management frameworks and governance structures. Mr. Ikeazor stated, “The Central Bank understands the critical roles of fintechs in driving financial inclusion to the last mile. Our efforts are geared towards helping fintechs become more attractive to investors and achieve greater success.”

During the meeting, Ade Bajomo noted that while stakeholders strive to comply with regulatory requirements, they sometimes face challenges beyond their control. He stated, “The common understanding within our ecosystem is that compliance makes the environment safer for all to innovate, scale, and collaborate. To enhance compliance, FintechNGR will ensure the co-creation of a support structure with the CBN.”

Some of the initiatives the regulators plan to pursue with the ecosystem include making the 2024 Nigeria Fintech Week more impactful, enriching the activities of the Regulators Forum, organising fintech learning series for various stakeholders, and exploring self-regulation status for FintechNGR to foster closer relationships with regulators.

FintechNGR remains committed to working with all regulators to position the ecosystem as more inclusive and impactful.