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Dr. Aminu Maida, Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC), delivered an impactful keynote address during the Nigeria Fintech Week, focusing on the theme, “The Role of Smart Regulation in Positioning Africa’s Fintech Ecosystem to Accelerate Inclusive Growth.” He highlighted how strategic, intelligent regulation is essential in fostering innovation and sustainable growth in Nigeria and across the African continent.
In his presentation, Dr. Maida described smart regulation as a key enabler of both innovation and economic opportunity. By embracing regulations that promote growth while ensuring consumer protection, the NCC seeks to create an environment where innovation can thrive without compromising user safety. He outlined that the core principles of smart regulation include a risk-based approach, fostering an innovation-friendly environment, ensuring market regulation, promoting financial inclusion, and maintaining robust consumer protection measures. These elements are critical to empowering fintech companies to tackle pressing challenges linked to Africa’s sustainable development goals.
Dr. Maida also emphasized the importance of collaboration within Nigeria’s regulatory landscape. He referenced the recent launch of the “Regulators Forum” by Vice President Kashim Shettima, which serves as a collaborative platform for regulators to align their efforts. This forum, he noted, is key to enhancing Nigeria’s investment appeal, driving technological advancements, and propelling economic transformation.
Furthermore, Dr. Maida discussed the growing role of telecommunications companies in providing financial services. He highlighted the 2018 memorandum of understanding on payment systems, which the NCC supports, as a significant initiative aimed at deepening financial inclusion in Nigeria. Through these initiatives, the NCC remains committed to fostering a fintech ecosystem that accelerates inclusive growth and expands access to financial services for underserved populations across the country.
By championing smart regulatory frameworks, Dr. Maida underscored the potential of Nigeria’s fintech industry to not only drive economic growth but also contribute to broader goals of financial inclusion and social impact across Africa.
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