Stakeholders Call for Stronger Collaboration Between Regulators and Operators to Boost Fintech and Financial Inclusion.
2 min read
Stakeholders have urged regulators and operators to work more closely together to drive the sustainable growth of Nigeria’s fintech sector and expand financial inclusion.
The call was made during the 2nd Business Journal Fintech & Financial Roundtable 2025, where speakers highlighted both the opportunities and risks within the industry.
Dr. Umaru Kwairanga, Chairman of the event and Group Chairman of the Nigerian Exchange Group (NGX), stated that Nigeria has become one of Africa’s most vibrant fintech hubs over the last decade. He noted the rapid rise of mobile payments, digital lending platforms, and wealth management apps, which have transformed access to financial services nationwide.
Kwairanga explained that NGX views fintech not as a threat, but as an opportunity to democratize access to investments and expand participation in the capital market. “We have consistently opened our doors to fintech innovation,” he said, citing initiatives such as API-driven market data solutions, regulatory sandboxes, and digital trading applications that give retail investors direct market access.
During panel discussions, stakeholders emphasized the need for policy alignment across key regulators including the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the National Identity Management Commission (NIMC), the National Insurance Commission (NAICOM), and the Nigeria Deposit Insurance Corporation (NDIC). They agreed that harmonization of policies would boost public confidence and reduce operational risks in the fintech sector.
Director-General of the Association of Enterprise Risk Management Professionals (AERMP), Dr. Olayinka Odutola, commended the growth of fintech and financial inclusion but warned about risks such as greed, cyber fraud, and identity theft. He stressed that “people-risk” remains a major challenge and called for stronger collaboration, better data protection, and more focus on ethical hacking to safeguard the system.
Also speaking, Dr. Jeff Duru, Managing Director of Universal Insurance Plc, highlighted the potential of fintech and insurtech to drive insurance penetration, especially in rural areas. He noted that collaboration is critical, as insurance companies alone cannot achieve financial inclusion. According to him, technology will also improve speed and efficiency in service delivery, helping to build trust in the industry.
Former Chairperson of the Lagos Area Committee of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs. Bukola Ifemade, added that the Council is committed to using fintech to deepen insurance penetration. She stressed that collaboration remains central to making financial inclusion a reality.
On her part, President of the Guild of Corporate Online Publishers (GOCOP), Ms. Maureen Chigbo, underlined the importance of credible communication. She noted that misinformation and disinformation pose serious risks to trust in the financial system. She also encouraged fintech operators to support human capital development through training, retraining, and financial literacy programs in schools and communities.
Overall, the roundtable reinforced that while fintech offers enormous opportunities for Nigeria’s financial ecosystem, collaboration, harmonized regulation, trust, and innovation will be critical to achieving lasting impact and sustainable growth.
About The Author
