i-Invest Urges Regulation Against Threats In Fintech

As Nigeria’s financial technology (Fintech) industry has experienced exponential growth in recent years, Chief Product Officer of i-invest, Mrs. Tobi Olusoga have 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 of the sector has seen more people pivot from traditional banking systems to digital services. Olusoga noted that the right regulations are necessary to tackle growing risks and threats within 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 a lot of interest from financial and market regulators, who are now evaluating existing rules and enacting new ones to accommodate the growing opportunities and threats associated with the fintech sector.

She further stressed the need for a firmer handshake among key industry players for continuous dialogue with the various financial regulators on the importance of streamlining existing guidelines to suit the fast-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 being a regulated and compliant-first organisation understands that the regulations exist to create a more secure environment for all players within this growing industry. However, a system with too many regulations and guidelines can limit innovation while also impeding sustainable growth for businesses,” she stated.
The Nigeria Fintech Forum, which was sponsored by i-invest, is a platform designed to drive thought-provoking and actionable conversations to foster sustainable growth in Nigeria’s fintech industry.
In light of the growing concerns of 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 at Capricorn Investment; Dr Babatunde Obrimah, COO of Fintech Association of Nigeria; Tolu Adetuyi, Co-Founder/CIO of Identity Pass and Jonah Adams, MD of Digital Infrastructure at Interswitch.