Stakeholders within Nigeria’s growing fintech ecosystem have been called upon to innovate responsibly, as the Senate moves to strengthen regulatory oversight and compliance within the sector. This call came during a two-day workshop organized by the Senate Committee on Legislative Compliance in Abuja, aimed at bridging the gap between legislative resolutions and their implementation by Ministries, Departments, and Agencies (MDAs).
The workshop, which gathered key players in the legislative and business sectors, highlighted several critical areas for reform, including the capacity building within MDAs, modernizing regulatory frameworks, and enforcing sanctions for non-compliance. One of the key suggestions was to bolster performance monitoring units within the presidency to ensure that ministries and agencies are held accountable for their actions.
Senate President, Godswill Akpabio, represented by Osita Ngwu, stressed the need for greater compliance with legislative resolutions, emphasizing the importance of ensuring that public institutions follow through on decisions made by the National Assembly. In his opening address, Akpabio expressed concerns over the selective or dormant nature of legislative resolutions within ministries and stressed that compliance should be the norm, not the exception.
“It is abnormal in a democracy when public institutions ignore or selectively implement resolutions of the National Assembly. Compliance should not be optional — it should be the default,” Akpabio stated.
Garba Maidoki, Chairman of the Senate Committee on Legislative Compliance, also pointed out the severe consequences of non-compliance, which he claimed has led to inefficiencies across critical sectors, including infrastructure and healthcare. He referred to the country’s widespread issues with abandoned projects, which have cost the nation trillions of naira with little to show for it.
“We have over ten thousand abandoned projects in the country, with trillions of naira pumped halfway and no result. If you travel by road, you see the consequences. If you visit hospitals, the effects of non-compliance are painfully clear — services are simply not delivered to Nigerians,” Maidoki explained.
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In the private sector, Rasaq Kadri, Head of Compliance at Kuda, delivered a keynote address on the role of fintech companies in driving responsible innovation. Kadri emphasized that while fintech has drastically increased financial access, it’s essential that this access is underpinned by accountability.
“Fintech has redefined financial access, but access without responsibility can deepen risk. Inclusion means combining reach with reliability,” Kadri explained, highlighting Kuda’s approach to integrating compliance into their product design. This, he noted, has allowed the company to innovate securely and with confidence.
Kadri also pointed to the challenges posed by outdated regulatory frameworks, which often fail to keep up with digital-first financial models. He argued that there needs to be a closer collaboration between regulators and fintech companies to ensure that regulations evolve alongside technological advancements.
“Compliance and innovation don’t have to be at odds. When done right, they reinforce each other,” Kadri concluded.
As Nigeria’s fintech sector continues to expand, it is clear that responsible innovation, supported by strong regulatory oversight, will be key to its sustainable growth and success. With a greater focus on compliance, both the public and private sectors can work together to ensure that technology serves as a force for good, driving financial inclusion while minimizing risk.
