The Securities and Exchange Commission (SEC) has launched its inaugural Regulator/FinTech Clinic as part of efforts to strengthen engagement with Nigeria’s rapidly growing financial technology ecosystem and address regulatory gaps in the sector.
Speaking at the event on Tuesday, the Director-General of SEC, Dr. Emomotimi Agama, said the initiative was designed to promote dialogue between regulators and FinTech operators while ensuring innovation aligns with regulatory compliance and investor protection.
“This engagement reflects a deliberate step by the Commission to deepen dialogue between the regulator and the FinTech sector,” he said.
Agama noted that Nigeria has become one of Africa’s leading innovation hubs, with FinTech companies expanding financial inclusion, broadening access to investment opportunities and leveraging technology to bridge structural gaps in the financial system.
He stressed that while the growth of the sector is encouraging, regulatory frameworks must evolve alongside technological advancement.
“Responsible innovation requires regulatory frameworks that are both protective and adaptable. The Clinic forms part of that continuous review process to ensure our Rules remain proportionate, responsive, and aligned with market realities,” he said.
According to him, the SEC’s mandate of protecting investors, ensuring fair and transparent markets, and facilitating capital formation remains compatible with technological innovation.
Agama added that clarity, predictability and trust are essential conditions for innovation to thrive in the capital market.
He explained that since 2018, the Commission has taken steps to support technological innovation, including establishing a dedicated FinTech department, adopting Innovation Facilitators and developing FinTech-focused regulations.
The SEC DG also said the enactment of the Investments and Securities Act, 2025, has further strengthened the Commission’s capacity to regulate emerging digital products and platforms while enhancing investor protection.
According to him, the Regulator/FinTech Clinic is aimed at providing clarity on the regulatory landscape under the new Act, engaging directly with FinTech operators on common compliance challenges and reinforcing the importance of legitimacy for sustainable business growth.
“FinTech business models often evolve faster than regulatory frameworks. Early dialogue prevents costly missteps. Compliance embedded at the design stage is far more effective than corrective measures after market entry,” Agama said.
He encouraged stakeholders to see the clinic as a constructive platform for engagement rather than an adversarial forum, stressing that the Commission remains committed to helping innovators operate within a framework that protects investors and safeguards the integrity of the capital market.
Agama also highlighted developments in digital financing, including the 2021 crowdfunding framework, noting that the Commission continues to review structural elements to enhance capital formation while maintaining strong investor protections.
He emphasised the need for regulatory clarity, particularly for retail investors who may not fully understand the complexities of digital financial products.
“As we launch this inaugural Clinic, our goal is to align innovation with integrity, growth with governance, and technology with trust,” he said.
In a keynote address, the Executive Commissioner, Operations at SEC, Mr. Bola Ajomale, said digital assets have attracted significant interest among young people and hold strong prospects for the future.
He noted that while enthusiasm for digital finance continues to grow, it must be matched with responsibility and strong regulatory oversight.
“We believe that the responsibilities we have and everyone has as players, it must grow in compliment with the enthusiasm. There are some risks emerging and some that have been there are heightened including unregistered investment platforms among others,” he said.
Ajomale added that the Commission has engaged with more than 500 firms to understand emerging innovations in the market and to develop appropriate regulatory frameworks.
“We continue to ensure we protect investors, ensure fair and efficient market and facilitate capital formation. We have taken more than 500 firms to understand how they are evolving and what they are bringing to the market. That is why we are engaging the players to understand what they are bringing to the market and then to set up a framework where we can regulate them,” he said.
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