The Association of Telecommunications, Information Technology, Cable Satellite Network Operators, and Allied Services Employers’ of Nigeria (ATICEN) says it wants the Central Bank of Nigeria (CBN) to convene an “all-inclusive stakeholders’ engagement meeting” to address the regulatory framework for the financial technology (fintech) sector in the country.
In a statement made available to Technology Times, Comrade Adede Williams, ATICEN President says that Dr. Olayemi Cardoso, CBN Governor should address the need for an inclusive stakeholders’ engagement on fintech sector regulation in Nigeria.
ATICEN underscores the importance of lowering operational licence fees for fintech startups and called for a more robust regulatory framework that would benefit the entire sector.
“The biggest challenge fronting the Financial Technology (Fintech) Service Providers subsector of the ICT industry as a whole is that the regulators and the policymakers do not have a better understanding that the accessibility of capital for fintech deployment is very crucial and not policy somersaulting that is carnaging the financial technology ecosystem space,” the ATICEN President says.
Comrade Adede Williams, President, Association of Telecommunications, Information Technology, Cable Satellite Network Operators, and Allied Services Employers’ of Nigeria (ATICEN).
ATICEN: Strong fintech regulation will unlock financial inclusion in Nigeria
Williams says “the financial technology sub-sector of the ICT industry can operate on without intrusion,” noting that a strong regulatory framework would unlock the potential of the fintech industry and promote more financial inclusion in Nigeria.
The ATICEN President calls for a “downward review of the operational licence fees for financial technology service providers (start-ups) while highlighting key challenges facing fintech startups in Nigeria.
“The biggest challenge fronting the Financial Technology (Fintech) Service Providers subsector of the ICT industry as a whole is that the regulators and the policymakers do not have a better understanding that the accessibility of capital for fintech deployment is very crucial and not policy somersaulting that is carnaging the financial technology ecosystem space,” the ATICEN President says.
He wants the CBN to create “industry-centric friendly policies” to attract local and international investors while underscoring that securing capital is the “lifeblood of any startup,” which enables them to grow and contribute to the economy.
Williams also proposes the establishment of a Financial Technology Regulation Committee (FTRC) to oversee the development of fintech policies in Nigeria. According to him, such a committee would help streamline input from industry stakeholders and create a more effective regulatory environment.
“It is very important to establish a Financial Technology Regulation Committee (FTRC) to oversee and manage the inputs that will be coming from the stakeholders for a better legal framework to harness the digital economy and financial inclusion growth in the country,” according to the ATICEN President.
Williams calls on the CBN to support the creation of two financial institutions: the Technology Development Bank of Nigeria and the Business Development Bank of Nigeria. These institutions would provide much-needed funding for fintech startups, entrepreneurs, and small businesses, helping to drive economic growth.
“With the establishment of these banks,” the ATICEN President says, “start-ups, businessmen/women, capitals of industries entrepreneurs and Micro, Small and Medium Enterprises (MSMEs) development will get direct support and funding for their businesses.”
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