KEY POINTS
- Nigeria’s new fintech guidelines will be rolled out in 2025.
- Regulation will be underpinned by new law pending Presidential assent.
- SEC vows to strike a balance between innovation, transparency, investor protection.
The rolling out of comprehensive guidelines for Nigeria’s fintech space will hit 2025 – the Securities and Exchange Commission (SEC) has said.
SEC Director General, Emomotimi Agama, speaking in Abuja on Monday, reiterated the commission’s resolve to protect investors’ interests, in addition to promoting transparency and integrity, in the decentralised and fast growing sector.
In his statement, Agama said the forthcoming regulations will provide a robust framework to guide fintech operators while promoting innovation.
And from the country’s point of view, we want to be leaders in how we regulate this space. “All the necessary legal provisions under new law all to effectively supervise fintech operations are included,” he said.
Framework for transparency and growth
Creating a level playing field for all fintech applicants has been a priority of the SEC. Agama pointed out that the commission is committed to playing an environmental protection card while complying with investor interests.
Key aspects of the 2025 fintech guidelines include:
– Technical registration process: The proposed registration will be ‘hallmark of regulation’ and will involve rigorous monitoring, education and surveillance.
– Legal framework: It’s also a new law to deal with regulatory challenges and to give fintech operators some clarity .
– Proactive approach: SEC is to stand ready to quickly change how we address novel challenges with the goal of accelerating delivery and announcements in the coming year.
Nigeria was unfamiliar with this journey. Challenges are expected but Agama said, ‘we believe every challenge is solvable.’
Finally, it’s no secret that fintech is the life of Nigeria’s financial future. The sector is the future of Nigeria, it is the future of Africa, it is really the future of where everything is going,” Agama said.
