Industry experts at the 10th edition of the Information Communications and Telecommunication Exhibition (ICTEL Expo) have stressed the need to find a balance between fostering innovation and implementing effective regulations within Nigeria’s fintech sector. The event, organized by the Lagos Chamber of Commerce and Industry (LCCI) under the theme “New Tech: Threats and Opportunities,” brought together leaders from technology, telecommunications, and financial services to discuss Nigeria’s digital economy.
This year’s event underscored Nigeria’s efforts toward building a sustainable digital economy, focusing on the potential of emerging technologies and how they can be leveraged while addressing associated risks. The fintech and telecommunications sectors were central to discussions, given their increasing integration into daily life and their significance in driving economic growth.
A panel session on the impact of regulations on fintech innovation featured Emmanuel Abadi, Partnerships Specialist at Moniepoint Inc., alongside other industry experts. They emphasized the importance of collaboration across the fintech ecosystem to ensure that regulations support growth while safeguarding consumers and maintaining stability.
“The regulatory landscape in Nigeria is evolving positively, particularly as we see numerous fintechs now advancing some of the Central Bank of Nigeria’s mandates,” Abadi remarked. “At Moniepoint, we are passionate about empowering businesses and individuals, and we recognize that financial inclusion has grown under the existing regulatory framework. However, it is crucial that regulation remains the foundation for stability in the economy, while also building public trust in fintech services. We are grateful for the open channels of communication between regulators and industry players that have facilitated this progress.”
Abadi also highlighted Moniepoint’s contributions to Nigeria’s socio-economic development, referencing partnerships with the Corporate Affairs Commission (CAC), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), and the Federal Ministry of Industry, Trade and Investment. He underscored the role fintech solutions can play in driving positive change across the financial services landscape.
The panelists collectively called for the creation of tailored regulatory guidelines that consider the unique needs of fintechs, as opposed to applying rules designed for traditional financial institutions. They emphasized that ongoing collaboration between regulators and fintech companies would lead to more proactive regulations that enable industry growth. The session, moderated by Hakeem Olajide, CEO of Ascentree Services Ltd, also featured Ochanya Dan-Ugo, Director/Group Chief Risk Officer at Unified Payments, and Seun Folorunso, AGM Projects & Relationships at FintechNGR.
The two-day expo included masterclasses, product demonstrations, exhibitions, and pitch sessions, offering attendees insights into the latest trends in the ICT sector. Special guests included LCCI President Gabriel Idahosa, Deputy President Engr Leye Kupoluyi, Trade Promotion Board Chairperson Abimbola Olashore, and Director-General Chinyere Almona.
The ICTEL Expo, now in its tenth year, continues to be a vital platform for industry stakeholders to exchange ideas, showcase innovations, and address challenges in Nigeria’s ICT and fintech sectors. As fintech evolves rapidly, insights shared at the event highlight the importance of ongoing dialogue between innovators, regulators, and other key players to build a thriving and responsible ecosystem for Nigeria’s digital future.
