The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa CCIE, has called for greater collaboration among stakeholders in the FinTech ecosystem to advance financial literacy and deepen financial inclusion across Nigeria. Speaking at the 6th Annual FirstBank FinTech Summit, held at the Lagos Continental Hotel, Victoria Island, Lagos, Inuwa emphasized the importance of collective efforts to ensure sustainable and inclusive economic growth.
During a panel session titled “Policy and Infrastructure: Navigating Financial Regulations for Fintech Innovations,” Inuwa highlighted NITDA’s innovative regulatory approach, which focuses on co-creation and market development rather than merely imposing standards. He outlined the objectives of the agency’s Regulatory Intelligence Framework, designed to protect consumers, enable innovation, and support efficient service delivery. He underscored the agency’s commitment to co-designing policies with stakeholders, stating, “At the heart of everything we do is co-designing and co-creation.”
Inuwa also reflected on the collaborative successes that birthed Nigeria’s cashless policy, a project undertaken by NITDA in partnership with the Central Bank of Nigeria (CBN). He credited this initiative with laying the foundation for the FinTech industry, which has since addressed gaps in the financial ecosystem. “The cashless policy led banks to upgrade their infrastructure while FinTechs identified and bridged gaps left by traditional financial institutions,” he said.
The NITDA DG revealed ongoing efforts with the Federal Inland Revenue Service (FIRS) and other stakeholders to develop guidelines for electronic invoicing, which are expected to open new opportunities for the FinTech sector. He also stressed the need for unified regulations and policy frameworks to ensure that stakeholders involved in implementation are part of the policy development process, remarking, “If you make policies without having the implementers in the room, it will be difficult for them to implement.”
Addressing the issue of Nigeria’s digital divide, Inuwa detailed the agency’s initiatives aimed at enhancing digital literacy, such as the launch of the National Digital Literacy Framework. This program integrates digital skills into formal education systems while extending training opportunities to underserved groups, including artisans, market women, and senior citizens. Partnerships with the Ministry of Education and the National Youth Service Corps (NYSC) have enabled the training of over 17,000 Youth Corps members annually, with a goal of reaching millions nationwide.
Inuwa also highlighted the importance of building local cloud infrastructure to achieve data sovereignty and strengthen national security. He noted ongoing collaborations with hyperscale providers and local data centers to establish in-country cloud capabilities, which will empower local FinTechs and enhance the security of Nigeria’s digital assets.
To foster trust in digital platforms, the agency is developing a robust cybersecurity architecture, ensuring that unconnected populations can be brought online safely. Inuwa urged FinTech stakeholders to leverage NITDA’s initiatives to infuse financial literacy into underserved areas, thereby driving deeper financial inclusion. “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,” he concluded.
The summit featured insights from other panelists, including Mr. Premier Oiwoh, MD & CEO of NIBSS; Mr. Bashir Are, CEO of Lagos Lotteries & Gaming Authority; and Mr. Adewale Salami, Chief Information Officer of FirstBank of Nigeria. Together, they explored strategies for navigating financial regulations to foster innovation within the FinTech ecosystem.
