Nigeria’s SEC to Introduce Fintech Guidelines in 2025 – Agama

Mr. Agama stated that the Securities and Exchange Commission (SEC) has successfully provided a level playing field for all applicants within the fintech space. The SEC has also announced plans to introduce regulations aimed at guiding the fintech industry in the country in 2025. These regulations are expected to provide clearer frameworks for fintech companies, ensuring compliance, security, and transparency as the sector continues to grow and evolve.

A notice issued by the Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, in Abuja on Monday highlighted the commission's commitment to ensuring transparency and integrity in the regulation of the fintech sector. Mr. Agama emphasized that the SEC had taken deliberate steps to create a level playing field for all applicants, fostering fair competition and innovation within the rapidly growing industry.Mr. Agama further stated that the SEC's efforts were aimed at ensuring that, at the end of the day, Nigeria would stand out as a leader in the regulation of the fintech space.

He reiterated that by prioritizing transparent practices and robust oversight, the SEC seeks to build an environment where fintech companies can thrive while adhering to high standards of governance, financial security, and consumer protection.The SEC's commitment to providing fair and effective regulation in the fintech sector aligns with its broader mission to support economic growth and technological innovation, while safeguarding the interests of investors and the general public. This proactive approach is designed to create a stable and reliable regulatory framework that will encourage local and international investment, positioning Nigeria as a key player in the global fintech ecosystem.

In a recent notice issued by the Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, the commission confirmed its plans to introduce a set of comprehensive regulations for the fintech sector in Nigeria by 2025. Mr. Agama emphasized that the SEC is dedicated to fostering a transparent and fair regulatory environment for the fintech industry, ensuring that all participants have equal opportunities to thrive.He pointed out that the SEC had worked to ensure a level playing field for all applicants within the fintech space, reinforcing the commission's commitment to fairness and inclusivity.

According to Mr. Agama, the SEC's goal is to make Nigeria a standout leader in the regulation of fintech, positioning the country at the forefront of the industry.Looking ahead, he assured stakeholders that the SEC would accelerate its efforts in the coming year, incorporating lessons learned from the regulatory process. Additionally, he highlighted that a new law aimed at strengthening the regulation of fintech was on the verge of receiving presidential assent, marking a significant step toward formalizing the sector's oversight. This law, he noted, is filled with essential legal provisions designed to provide clear guidance for operators in the space.

Mr. Agama also stressed that these efforts reflect the SEC's broader objective to protect both the fintech ecosystem and investors, while simultaneously embracing the future of digital finance. He reaffirmed that the fintech sector is seen as a critical component of Nigeria's economic future, with the SEC committed to supporting its growth in a secure and sustainable manner.Mr. Agama further explained that the process of registering fintech companies in Nigeria was highly technical and complex, highlighting that registration serves as a cornerstone of proper regulation. He emphasized that the process is not just about registration itself but also requires continuous monitoring, education, and surveillance to ensure that the sector operates in a safe and compliant manner.

“This journey is a new one that we have not gone through before,” he remarked, acknowledging the unique challenges posed by the rapidly evolving fintech landscape. Despite these challenges, he expressed confidence that they could be overcome, stating, "As we continue, we will find challenges which we need to solve because every challenge is solvable."Mr. Agama’s comments reflect the SEC's proactive approach in navigating the emerging fintech space and its commitment to addressing any issues that arise to ensure the industry’s long-term growth and stability.