The Chief Product Officer (CPO) of i-invest, Mrs. Tobi Olusoga, has said that more collaboration is needed between industry players and regulators, in order to ensure that Nigeria’s financial technology (Fintech) sector continues to play a key role in boosting financial inclusion.
Olusoga, who stated this while taking part in a panel discussion at the Nigeria Fintech Forum sponsored by i-invest held in Lagos recently, noted that although the right regulations are necessary to tackle growing risks and threats within the industry, care must be taken not to stifle growth and innovation.
“i-invest being a regulated and compliant-first organisation understands that the regulations exist to create a more secure environment for all players within this growing industry.
However, a system with too many regulations and guidelines can limit innovation while also impeding sustainable growth for businesses,” she stated. She further stressed the need for key industry players to maintain regular dialogue with the various financial regulators on the importance of streamlining existing guidelines to suit the fast-changing industry without inhibiting growth and innovation.
“We must continue to have dialogues for simplified regulations that fully understand and tackle the challenges we face as an industry while enabling businesses to create solutions that promote financial inclusion in this digital age,” she said.
Other experts who joined Olusoga on the panel were Yinka Edu, Partner at Udo Udoma & Belo-Osagie; Kunle Apampa, Director at Capricorn Investment; Dr Babatunde Obrimah, COO of Fintech Association of Nigeria; Tolu Adetuyi, Co- Founder/CIO of Identity Pass and Jonah Adams, MD of Digital Infrastructure at Interswitch.
The Nigeria Fintech Forum is a platform designed to drive thought-provoking and actionable conversations to foster sustainable growth in Nigeria’s fintech industry. i-invest is an app that provides users with a secure, fast, and convenient way to invest in Treasury Bills, Eurobonds, Stocks, and other investment products. It also allows users to earn attractive interests on their savings.