To maximally benefit from financial technology in Nigeria, Systemspecs
has called on regulatory bodies to be proactive in enacting policies
that enhance innovations as it evolves.
Adding that the technology is disrupting the financial services sector, the firm said business operations optimisation, and productivity at minimal cost are some gains of having enabling regulations in place.
Speaking during the panel session at the FITC Thought Leadership Discussion Series 2.0, Executive Director, Systemspecs, Deremi Atanda, has charged regulatory bodies to be proactive in enacting policies for fintechs.
Atanda represented the Managing Director of Systemspecs, John Obaro, at the event, which focused “Emerging financial technology and the Nigerian financial services sector: Exploring opportunities for global competitiveness.”He urged the bodies to be more active in the space and ensure a collaboration of players in the sector. Noting that these policies would enhance fintech global competitiveness, he added that it presents huge opportunities to reach the unbanked.
According to him, the country urgently needs data protection regulation that ensures that people’s personal information is used accurately, fairly and lawfully for limited, specifically stated purposes, in a way that is adequate and relevant.Deputy Governor, Financial System Stability, Central Bank of Nigeria (CBN) and Chairman, FITC Board, Aisha Ahmad, said innovation is a huge game changer that would influence how operations and businesses are carried out.
Ahmad said fintech would help in cross-border payment and bring in more funds from Nigerians abroad into the economy.She added that a large part of the remittances from Nigerians abroad were still in the informal sector, and there was a need to bring them into the formal sector through fintech.
Ahmed, however, said lack of trust of these innovations has hampered financial inclusion.“Looking at the competitiveness of banks and fintech, Africa has the technology it needs to get to where it should. Innovation is good but if is exclusive, it is not what we want,” she added.
The Managing Director/Chief Executive Officer, FITC, Dr Lucy Newman, said the financial services sector had experienced disruption because of the innovation related to technology.She said that FITC and its partners chose to start from the basis of research, by getting data on the industry and assembled stakeholders to discuss key industry issues.