Fintech companies have been a driving force in the transformation of traditional banking in Nigeria, increasing the reach and efficiency of financial services in Nigeria. With this prominence, however, there is the need for fintech companies to forge a united front amid the ever-changing regulatory landscape, Odebode Samuel Aderogba, CEO of SmartPay, a pioneering startup dedicated to financial inclusion within Nigeria’s burgeoning fintech ecosystem, has stated.
“I believe it is imperative to establish a unified voice that can effectively represent our interests in the evolving regulatory landscape. The rapid growth of fintech in Nigeria is reshaping the financial economy, driving innovation, and bringing essential services to millions who were previously underserved.
“However, with this growth comes a heightened need for collaboration and collective advocacy to ensure that our industry continues to thrive while adhering to the highest standards of security and compliance,” Odebode Samuel Aderogba said in an interview with the media recently.
He said, “The establishment of an association of fintech companies is a crucial step towards achieving this goal. Such an association would serve as a powerful platform for engaging with regulatory bodies, ensuring that our interests are well-represented in policy discussions, and advocating for regulations that foster innovation rather than stifle it. By coming together, we can present a united front that not only protects our businesses but also promotes the development of a more inclusive and resilient financial ecosystem.
CEO of SmartPay added that, “Moreover, as cybersecurity risks become increasingly prominent, the need for an association of cybersecurity experts dedicated to the fintech industry cannot be overstated. Cyber threats are a significant and growing concern, with the potential to undermine the trust and integrity that our industry relies upon. An association of cybersecurity professionals would play a vital role in setting industry standards, providing guidance on best practices, and ensuring that all players in the fintech space are equipped to protect themselves and their customers from emerging threats.”
The fintech expert concluded saying that, “the formation of these associations is not just a strategic move for individual companies; it is a necessary step for the collective advancement of Nigeria’s fintech ecosystem. By advocating for our shared interests and prioritising cybersecurity, we can build a stronger, more secure industry that continues to drive financial inclusion and economic growth in Nigeria.”
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