In pursuit of the Association’s cardinal objective of education and advocacy that would influence the formulation of appropriate regulatory frameworks that support and encourage innovation towards job creation and entrepreneurial growth, the Fintech Association of Nigeria kicks-off its flagship programme – Fintech Learning Series with the Regulators at the Securities & Exchange Commission, Abuja on Wednesday, 12th September 2018 further to the partnership that exists between the two entities. The maiden edition of the programme that took place at the Commission’s head office in Abuja had in attendance all members of staff of the Commission.
While welcoming participants, the Acting Director General of the Commission, Ms Mary Uduk re-echoes her believe that adequately trained and skilled manpower is a necessity for adequate policy formulation as she stated that her leadership has embarked on routine knowledge empowerment for the Commission’s staffs on various subject matters of relevance. According to her “ you don’t give what you don’t have and it’s would be impossible to regulate properly anything you do not have adequate knowledge of”.
She concluded her remarks as she announced the appointment of Ade Bajomo, Vice President of the Association as the Chairman of the newly constituted Committee on Fintech adoption roadmap for capital markets. You would recall that the Capital Market Committee, CMC at its 2018 2nd CMC meeting held on 9th August 2018 in Lagos adopted the prayer of the Association to set-up a committee on Fintech adoption in the capital markets.
The president of the Association, Dr Segun Aina in his opening remarks commended Ms. Mary Uduk for her positive disposition towards adopting Fintech in the capital market especially for giving the Association the privilege of equipping the Commission’s staff with adequate knowledge that would support their personal growth and facilitate better discharge of their duties. He equally mentioned that continuous staff retooling and retraining will keep the Commission in tune with global regulatory best practices. According to him “ the Acting Director General has by hosting the maiden edition of the Fintech Learning Series ushers in a fresh paradigm in the regulatory corridor in the country and has positioned the Commission as forward thinking and active player in the fourth industrial revolution being catalyzed by technology and digitization”
Ade Bajomo, the Vice President of the Association and Executive Director, IT & Operations, Access Bank anchored the session on “Market Impact of the Fintech Revolution”. He stated that to be an active player in the fourth industrial revolution, entrepreneurial and innovative spirit, hunger for knowledge and adequate infrastructure are basic requirements. He mentioned that innovation attracts investment as fintechs revolution are predicated on ideas, cloud computing, big data and mobile technology.
Bajomo further alluded to the fact that innovation is always ahead of regulation as the pace of change is absolutely unstoppable and as such, regulators must follow closely, learn and collaborate to get the best out of the waves of innovation revolutionizing the world. He said the right innovation offers simplicity, speed, durability and convenience as he stated that Fintech innovation fosters security and governance.
According to Bajomo “ if we don’t regulate properly we can hinder the growth of the country and Africa at large as regulators must know what to regulate, how to regulate to drive commerce, protect investors and consumers alike”. He concluded by saying that improper regulation would slow down the pace of innovation in the country as he declares all hands must be on the deck to tackle the menace of cybersecurity, the single biggest threat to fintech innovation.
While giving the closing remarks, Ms Mary Uduk mentioned that the Commission has taken a further step of creating a Fintech Unit in the Commission which is expected to grow into a full department as members of staff are being trained on various capacities to run the unit. She further seeks the hands of the Association in fully harnessing the potential of fintechs in the capital market.