Smart Regulation: A Catalyst for Inclusive Growth in Africa’s Fintech Ecosystem – Dr. Aminu Maida
Dr. Aminu Maida, Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC), delivered a keynote address on the second day of the Nigeria Fintech week, focusing on the theme, “The Role of Smart Regulation in Positioning Africa’s Fintech Ecosystem to Accelerate Inclusive Growth.” He emphasized the pivotal role that smart regulation plays in fostering both growth and innovation across Nigeria and Africa.
In his presentation, Dr. Maida defined smart regulations as crucial enablers of innovation, driving economic opportunities while ensuring consumer protection. He highlighted that the NCC aims to strike a balance between promoting innovation and safeguarding consumers. Key components of smart regulation, he noted, include a risk-based approach, an innovation-friendly environment, consumer protection, market regulation, and financial inclusion—all essential for enabling fintech firms to address critical challenges linked to sustainable development.
Dr. Maida also underscored the importance of collaboration in Nigeria’s regulatory framework, referencing the recent launch of the “Regulators Forum” by Vice President Kashim Shettima. This forum provides a platform for regulators to work together, a move he described as essential to making Nigeria more investment-ready, fostering innovation, and driving economic transformation.
Further, Dr. Maida highlighted the role of telecom companies in leveraging their infrastructure to provide financial services. He pointed to the 2018 memorandum of understanding on payment systems, which the NCC supports, as a key initiative to deepen financial inclusion in Nigeria. He reiterated the NCC’s commitment to nurturing a fintech industry that accelerates this inclusion across the country.
