The DG made this statement at the 6th edition of the annual FirstBank FinTech Summit where he joined other key players in the ecosystem in a session titled: “Policy and Infrastructure: Navigating Financial Regulations for Fintech Innovations” held at the Lagos Continental Hotel, Victoria Island, Lagos State.

Inuwa emphasised that NITDA’s regulatory approach, based on a triple helix model, is not just about imposing standards but actively creating and supporting markets.

Outlining the objectives of the Regulatory Intelligence Framework developed by the agency to creating marketing values, enabling innovations, protecting consumers and effectively discharging services, Inuwa noted that priority was given to collaborations with the ecosystem in meeting these deliverables.

“To achieve this, we came up with a way which we call the participatory framework or policy dialogue for any regulation. This is because at the heart of everything we do is co-designing and co-creation,” he said.

Speaking on working with the ecosystem, he noted that collaboration was instrumental in successfully implementing Nigeria’s cashless policy which the agency did in partnership with the Central Bank of Nigeria (CBN).

“NITDA worked with CBN to come up with a cashless policy, which gave birth to the fintech industry we are talking about today.”

“This led to the banks to start upgrading their infrastructures, both hard and software, and the FinTech identified gaps and started coming up with solutions that can bridge the gaps left by the banks,” he added.

The DG however stated that the agency is working with the Federal Inland Revenue Service and some other stakeholders to develop guidelines for electronic invoicing which will create opportunities for the Fintech.

“As a regulator with a focus on facilitating financial inclusion, we need to strengthen unified regulations and policy-making, because if you make policies without having the implementers in the room, it will be difficult for them to implement, “ he averred.

He also elaborated on NITDA’s efforts to bridge the digital divide as an essential factor for financial inclusion, underscoring the launch of a National Digital Literacy Framework to integrate digital skills in formal education.

Highlighting the agency’s efforts at fostering digital literacy and cultivating talents, he disclosed that the agency has engaged in collaborations with the Ministry of Education in integrating digital literacy into curriculum and also, with the National Youth Service Corps (NYSC) in training over 17,000 Youth Corp members annually.

He added that the initiative is expected to provide basic digital literacy to millions, and aims to engage artisans, market women, senior citizens, and others from the informal sectors.

Inuwa further addressed Nigeria’s data sovereignty issues, particularly regarding reliance on foreign cloud services. He noted that building in-country cloud capabilities is vital for national security and for empowering local FinTechs. “Without operational sovereignty, we cannot fully control or secure our digital assets,” he stated, mentioning ongoing partnerships with hyperscale providers and local data centres to create cloud infrastructure within Nigeria.

He explained that the agency is working with other stakeholders in developing the cybersecurity architecture to achieve financial inclusion while asserting that infrastructures will be created, the unconnected will be connected and promoting digital literacy to foster trust on digital platforms.

Revealing that NITDA has several interventions and initiatives aimed at supporting the underserved and unserved areas in the country by building their digital capacities and skills, he urged the fintech to leverage these opportunities by infusing their financial literacy into them which will consequently drive a deeper financial inclusion for all.

“Nigeria has the infrastructure and with the right collaborations and continued focus on inclusive policies, we can make significant strides in bridging both digital and financial divides,” Inuwa concluded.

Other panelists who shared their insights and expertise at the session with the DG were the MD & CEO, NIBSS, Mr Premier Oiwoh, CEO, Lagos Lotteries & Gaming Authority, Mr Bashir Are and the Chief Information Officer, FirstBank of Nigeria, Mr Adewale Salami.

This year’s edition will bring together renowned subject matter experts, innovators, and industry leaders from around the world to explore the latest trends and advancements in financial technology.

Since its inception in 2016, the FirstBank Fintech Summit has established itself as a premier event, attracting top subject matter experts in digital innovation from Nigeria and around the globe.

While the Summit transitioned online in 2020 due to the COVID-19 pandemic, this year’s event will be hosted as a hybrid affair, enabling participants from around the world to engage with renowned speakers and insightful discussion.

A key highlight of this year’s summit is the launch of the Fintech Innovators Pitch Programme, designed to empower early-stage fintech startups and cultivate innovation within the financial services ecosystem. Selected startups will benefit from intensive training and mentorship, culminating in an opportunity to pitch their groundbreaking solutions to FirstBank, prominent investors, and industry experts.

Winning Startups will receive essential support from FirstBank to propel their products to market, including strategic guidance, resources, and access to a vast network.

The FirstBank Fintech Summit 6.0 promises a dynamic lineup of sessions and invaluable networking opportunities, positioning it as a must-attend gathering for industry leaders and innovators. The two-day Summit will feature expert keynote addresses and panel discussions, regulatory roundtable, investor roundtable, fireside chats and masterclasses.

Emmanuel Daniel, the founder of TAB Global—a research, publication, and consulting firm known for platforms like The Asian Banker, Wealth and Society, The Banking Academy, and TAB Insights—will be a key speaker at the upcoming event. He will be joined by Olusegun Alebiosu, the Managing Director and CEO of FirstBank Group, along with a lineup of distinguished guest speakers and panellists which include Dr. (Mrs) Markie Idowu, GMD/CEO of Xpress Payment Solutions Limited; ’DeRemi Atanda, Managing Director of Remita; Tomilola Majekodunmi, Co-Founder and CEO of Bankly; Obi Emetarom, Co-Founder and CEO of ZONE; Oladipo Alabede, Regional Managing Director, West Africa (Acquiring) Network International; Obianuju Odukwe, VP of Digital & API Ecosystems at Interswitch Group; Ashley Immanuel, Co-Founder and COO of SemiColon; Chijioke Dozie, Co-Founder of Carbon; Yewande Sulaiman, Managing and Product Consultant at ProduqtEdge.

With its hybrid format, participants from around the world can access the same quality of discussions and speakers. To register for the Fintech Summit, interested participants can click here.

Speaking on the Summit, Olusegun Alebiosu, the CEO FirstBank Group, said:

“This year’s summit provides a platform to unite industry leaders, innovators, regulators, and thought leaders to explore how collaboration and partnerships can shape the future of financial services and technology. As FirstBank continues to lead in innovation, this event presents another unique opportunity to engage with key stakeholders and deepen our understanding of emerging trends in the Fintech landscape emphasizing our role not only as a participant but also as a leading and preferred partner in the Fintech domain.”

The FirstBank Fintech Summit is one of the initiatives that the Bank has established to drive innovation and foster growth in the financial technology sector.

By bringing together thought leaders and disruptors in the field, the Summit serves as a catalyst for transformative ideas and collaboration.