The Securities and Exchange Commission (SEC) has revealed its plans to introduce detailed regulations for Nigeria’s fintech sector in 2025. The announcement underscores the commission’s commitment to ensuring transparency, fairness, and integrity within the rapidly growing industry.
Speaking in Abuja on Monday, the SEC Director-General, Dr. Emomotimi Agama, highlighted the commission’s dedication to creating a regulatory framework that supports the growth of fintech while protecting the interests of investors and fostering innovation.
“Our objective is to position Nigeria as a leader in fintech regulation,” Agama stated. “The SEC has worked diligently to provide a level playing field for all applicants in the space, ensuring that no operator feels disadvantaged. By doing so, we are building an ecosystem that is both competitive and sustainable.”
The Director-General revealed that a new law designed to provide the necessary legal backing for fintech regulation is in the final stages of approval, awaiting Presidential assent. According to Agama, the law contains robust provisions that will address the unique challenges of the sector, offering clarity and guidance to operators while ensuring investor protection.
“This law is replete with all the necessary ingredients to regulate the space properly. It represents another effort by the SEC to be both investor- and innovation-friendly. Our focus is to protect the ecosystem while promoting its growth,” he said.
Agama acknowledged that the registration process for fintech operators is highly technical, involving continuous monitoring, education, and surveillance to ensure compliance. He noted that while the journey to building a fully regulated fintech sector is new, the commission is prepared to tackle any challenges that arise.
“This journey is uncharted territory for us as regulators. However, we are learning as we go, and every challenge we encounter is an opportunity to improve. With the experience gained, we will be better positioned to deliver results and make significant announcements in the coming year,” he added.
Agama further emphasized the importance of regulation in fostering trust and credibility within the fintech industry. He stressed that a transparent and fair regulatory environment would encourage investment and innovation, positioning Nigeria as a hub for fintech development in Africa.
“We understand that this sector is the future, and as Nigerians, we have embraced it wholeheartedly. Our focus is on ensuring that the regulatory framework we establish not only supports growth but also protects all stakeholders involved,” he said.
The SEC’s efforts to regulate the fintech space have been met with optimism, with many industry stakeholders viewing it as a step toward creating a structured and secure environment for innovation.
As the SEC prepares to implement these regulations, Dr. Agama reaffirmed the commission’s commitment to supporting the industry while prioritizing investor confidence and ecosystem stability.
With 2025 set as the target for the rollout of these regulations, the fintech sector is poised to witness significant developments that could redefine its operations and growth trajectory in Nigeria.
Hobnob News.
