Experts have said that the guidelines governing fintechs are stale and are not in tune with the times.
“The fintech environment is moving faster than the regulations available. While regulations from the COVID-19 era still exist now, the fintech landscape has moved steadily past the regulations that were set,” said experts in a recent conversation at the BusinessDay Future of Payment and Fraud Conference.
Fintechs are driving the transformation of Nigeria’s traditional banking systems at an unprecedented pace, increasing the reach and efficiency of financial services in the country.
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Through mobile banking, digital payments, and other innovations, fintech is extending financial services to previously underserved communities, driving financial inclusion and widening economic opportunities.
According to a recent McKinsey report, Nigeria’s fintech sector makes up about one-third of Africa’s fintech market with over 200 fintechs, a pointer to the nations financial and technological advancements.
