President of the Senate, Senator Bukola Saraki, has assured that the Senate is working to ensure the growth of digital Financial Technology (FinTech) popularly known as digital financing in Nigeria.
According to a statement signed by his Chief Press Secretary, Sanni Onogu, in Abuja, he gave the assurances while speaking before the Africa Finance Forum, organised by the Corporate Council on Africa, at this year’s Spring Meeting of the World Bank and International Monetary Fund (IMF) holding in Washington D.C.
He said the Senate was desirous to see Nigerian banks expand with capacities to create opportunities for financial services penetration as well as support for enterprises, adding that the Committee on Banking, Insurance and other Financial Institutions was engaged in legislative interventions to ensure financial inclusion for all, “especially in the rural areas where a large percentage still remains unbanked by bridging services between the banking and telecommunications sectors.”
“The net impact of our legislative interventions; through the relevant Committee’s oversight and engagement will be to expand the ability of our banking sector to facilitate digital financing, expand the opportunity for financial services penetration and reach with the SMEs, and for enterprise support.
“We believe that these will give a fillip to the development of innovation and private sector capacity across the country. You will agree with me that innovation is the engine that powers financial inclusion. We are therefore working assiduously to encourage innovation in the FinTech space in Nigeria, and we shall continue to do so,” he said.
The lawmaker noted that challenges militating against the growth of FinTech in Nigeria include (but not limited to) issues about consumer protection, intellectual property, concerns about money laundering and fraudulent activity.
“FinTech growth requires us to pay attention to all of these, and to come up with regulatory frameworks that will safeguard our people.
“Therefore, as we seek to improve the business environment for SMEs and tech entrepreneurs in Nigeria, we are also committed to passing legislation that strikes a balance between facilitating the sector and maintaining a secure financial system”, he said.