i-Invest calls for regulation against threats in Fintech

As Nigeria’s financial technology (Fintech) industry has experienced exponential growth in recent years, the Chief Product Officer of i-invest, Mrs. Tobi Olusoga, has called for regulations that will curb the growing risks in the sector.

Speaking on a panel at the Nigeria Fintech Forum, she said the growth in the sector has seen more people move from traditional banking systems to digital services. Olusoga noted that the right regulatory framework is necessary to tackle increasing risks and threats in the industry, but care must be taken not to stifle growth and innovation.

The sector, which has greatly improved the country’s financial inclusion indices, has also generated great interest from financial and market regulators, who are now evaluating existing rules and adopting new ones to accommodate the growing opportunities and threats linked to the fintech sector.

She further emphasized the need for a firmer handshake among key industry players for continuous dialogue with the various financial regulators about the importance of streamlining existing guidelines to suit the rapidly changing industry without inhibiting growth and innovation.
“We must continue to have dialogues for simplified regulations that fully understand and tackle the challenges we face as an industry, while enabling businesses to create solutions that promote financial inclusion in this digital age.
“i-invest is a regulated and first-compliant organization and understands that the regulations exist to create a safer environment for all players in this growing industry. But a system with too many regulations and guidelines can limit innovation while preventing sustainable growth for businesses, she said.
The Nigeria Fintech Forum, which was sponsored by i-invest, is a platform designed to drive thought-provoking and actionable conversations to promote sustainable growth in Nigeria’s fintech industry.
In light of the growing concerns about threats in the Fintech sector, industry experts had come together at the Nigeria Fintech Forum to discuss the impact of the various financial regulations on fintech businesses.
Other experts who joined Tobi Olusoga on the panel were: Yinka Edu, Partner at Udo Udoma & Belo-Osagie; Kunle Apampa, director of Capricorn Investment; Dr Babatunde Obrimah, COO of the Fintech Association of Nigeria; Tolu Adetuyi, co-founder/CIO of Identity Pass and Jonah Adams, MD of Digital Infrastructure at Interswitch.