The Fintech Association of Nigeria, known as FintechNGR, has stepped up its efforts to build stronger ties with regulators and lawmakers in order to grow the country’s financial technology sector. The association announced this in a statement on Tuesday, saying the engagements were part of its long-term plan to make Nigeria’s fintech ecosystem more sustainable, inclusive, and innovative.
The delegation was led by the Chairman, Board of Trustees of FintechNGR and President of the Africa Fintech Network, Dr. Segun Aina. Other members of the team included Chief Executive Officer of Zest Payments Limited and President of FintechNGR, Dr. Stanley Jacob; Chief Executive Officer of Credit Registry Limited and Vice President of FintechNGR, Dr. Jameelah Sharrieff-Ayedun; Transformation and Innovation Executive and Treasurer of FintechNGR, Mr. Oluwaseun Adesanya; and Omotola Olatujayan.
During the visits, the group met with top regulators such as the Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso; the Director of the Payments System Supervision Department of the CBN, Dr. Rakiya Opemi Yusuf; and the Commissioner for Insurance of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin. The lawmakers they engaged included Chairman of the Senate Committee on Banking and Finance, Senator Adetokunbo Abiru, and Chairman of the Senate Committee on ICT, Senator Shuaib Salisu.
Speaking at the meetings, the Chief Executive Officer of Zest Payments Limited and President of FintechNGR, Dr. Stanley Jacob, stressed that regular dialogue between regulators and fintech operators is important to boost financial inclusion, expand access to digital financial services, and use technology to support economic development. According to him, fintech companies can only succeed if they operate in an environment where regulators and lawmakers understand their challenges and opportunities.
CBN Governor, Dr. Olayemi Cardoso, acknowledged the rapid growth of fintech in Nigeria, saying it was important for regulators to design policies that would encourage innovation but also ensure compliance, stability, and sustainability in the financial system. He explained that the Central Bank was committed to providing a balance between product innovation and maintaining financial stability.
The Director of the Payments System Supervision Department at the CBN, Dr. Rakiya Opemi Yusuf, added that the Central Bank was determined to promote policies that would not only encourage fintech creativity but also protect consumers and strengthen trust in Nigeria’s financial system.
On the part of the insurance sector, the Commissioner for Insurance at NAICOM, Mr. Olusegun Ayo Omosehin, noted that fintech solutions could help close gaps in the insurance industry by making it easier for Nigerians to access insurance services. He said that through digital channels, insurance coverage could be expanded to people in rural and urban areas who were often left out of the traditional insurance market.
The Chairman of the Senate Committee on Banking and Finance, Senator Adetokunbo Abiru, explained that fintech should not be limited to payment solutions alone. He encouraged stakeholders to also focus on sectors like health technology, education technology, agriculture technology, and insurance technology. He gave an example of the SAIL Innovation Lab, which supports young entrepreneurs by providing them with digital skills to succeed in the fast-changing economy.
Similarly, the Chairman of the Senate Committee on ICT, Senator Shuaib Salisu, said Nigeria needed forward-looking legislation that would support the digital economy. He highlighted areas like data protection, cybersecurity, and fintech regulation as vital for ensuring that Nigeria remains competitive globally. He assured fintech operators of the National Assembly’s readiness to work with innovators to achieve this goal.
FintechNGR explained that these meetings were part of its continuous effort to strengthen the bond between fintech operators, regulators, and lawmakers. The association believes that close cooperation will help the industry create more jobs, drive financial inclusion, and support the digital economy. It also stated that fintech companies in Nigeria are already playing an important role in payments, lending, insurance, and wealth management, and that future growth would depend on policies that encourage innovation while protecting consumers.
The association stressed that by fostering collaboration, Nigeria’s fintech sector can become a key driver of economic opportunities and transformative growth, not only in Nigeria but also across Africa.
