Regulatory compliance is an enabler of growth in the technology ecosystem, fintech experts have said.
They disclosed this at a recent key fintech engagement themed, ‘Regulatory Compliance and Governance: A Catalyst for Fintech Innovation.’
During the event which was jointly hosted by the Chartered Institute of Bankers of Nigeria, The Nest, The Trusted Advisors, and the Fintech CEO Forum, stakeholders urged fintech enterprises to consider regulations as an ongoing journey and embrace them as partners in continuous innovation.
They noted that the country’s fintech sector has experienced rapid growth and can be an important catalyst for further economic development, financial inclusion, innovation, and international investment in the country.
According to a statement, the Registrar/Chief Executive, CIBN, Mr Akin Morakinyo, emphasized the need for collaborative problem-solving to fuel progress.
The Managing Partner of The Trusted Advisors, Mr Taye Awofiranye, stated that regulation is the box in which they are kept, “it can inhibit growth or otherwise, depending on understanding and compliance.”
Stressing the importance of regulation, the Chief Executive Officer, Bankly, Tomilola Majekodunmi, added that fintechs should have an active board, noting that regulations help protect from losses and solidify the foundation of any organisation.
On his part, Akinpelu Akinola, also of CIBN, said that no system is perfect when it comes to regulation, however, “regulation and compliance are for the common good of the people. It becomes bad when it is retrogressive.”
The Co-Founder at The Nest, Oluwajoba Oloba added, “This forum reflects our unwavering dedication to fostering an enabling environment for startups. This strategic collaboration paves the way for sustainable growth and amplifies the potential for startups to thrive within a balanced regulatory framework.”