The Fintech Association of Nigeria took a giant step towards achieving its objectives of a robust regulatory and policy framework for a thriving fintech ecosystem in Nigeria as the members of the Governing Council of the Association met the Ag Director General of the Securities and Exchange Commission, Ms. Mary Uduk at the Commission’s office in Lagos on Monday 5th June 2018.
Dr. Segun Aina, President of the Association in his opening remarks eulogised the technical -savviness and the forward-thinking approach of the Acting DG as he informed participants that the diverse membership nature of the Association that cuts across all sectors of the economy, positions it as the thought and opinion leader in any fintech related matters.
He further stated that the affiliation of the Association with the Global Fintech Hub Federation, a Federation made up of sixty-seven members countries allows it to gather best practices across the globe making the Association the best partner in policy formulation.
In his words: “development of appropriate technology roadmap for the Capital Market, collaboration and partnership with the appropriate association like FintechNGR as well as appropriate regulation for startup innovation in the Market are vital to the Market response to the 4th Industrial revolution demands.”
The Vice president of the Association, Ade Bajomo did not mince words in stating that technology is a fast moving train that changes the business dynamic with time, therefore, regulators must be very proactive to harness the benefits of innovation. According to him, ” the Commission needs to take advantage of tech solutions, active participation in Capital Market related groups and knowledge events and investment in crowdfunding to drive the Market in the right direction.”
Mr. Olufemi Awoyemi, Member, FintechNGRGovCo while making contribution stated that partnership with Association presents the Commission an opportunity to take a quantum lead in addressing threat management in the Capital Market by looking at gaps between regulation and the Market. He equally canvassed for technology skillset empowerment and expansion for the professionals in the Capital Market. He enjoined the DG to look into the capital flow regulation in the Market.
Mr. Wale Adewumi, Member, FintechNGRGovCo did state that the Commission needs to do more in driving information sharing across the board to reap the reward of Fintech in the shortest possible time.
L-R: Dr. Segun Aina, President, FintechNGR/ Chairman, Fintech Associates Ltd, Ms. Mary Uduk, Ag DG, Securities & Exchange Commission and Mr. Ade Bajomo, Vice President, FintechNGR/ ED, IT & Operations, Access Bank at a Partnership Meeting between the Members of the Governing Council of the Fintech Association of Nigeria and the Acting Director General of the Securities and Exchange Commission held at the SEC Office in Lagos on Tuesday, 5th June 2018.
While appreciating the efforts of the Association in the development of Fintech and delivery of its benefits across various sectors of the economy, Ms. Mary Uduk, Acting DG of the Commission stated that the partnership between the Association and the Commission will be a good support to the Commission in regulating the Market while creating enabling environment for all the players in the sector to thrive. According to her “it’s high time Regulators and players in the sector embrace fintech as I believe that the blend of membership of the Fintech Association of Nigeria will help the Regulators including the SEC in human capacity building in technology, thus preparing all players with the essential knowledge of the basic regulatory requirements of Capital Market related technology innovation”
The Association and the Commission agreed to embark on industry-specific knowledge sharing and empowerment series across the board while it was announced that SEC will be the first regulatory member of the Fintech Association of Nigeria.