ABUJA, Nigeria (VOICE OF NAIJA)- The Securities and Exchange Commission Nigeria has launched its inaugural Regulator/FinTech Clinic, marking a proactive move to strengthen engagement with Nigeria’s rapidly expanding financial technology ecosystem.
The event, held on Tuesday, is aimed at aligning innovation with regulatory compliance while safeguarding investor interests.
Opening the clinic, the Director-General of the SEC, Emomotimi Agama, underscored the importance of collaboration between regulators and innovators in one of the most dynamic segments of Nigeria’s financial system.
“This engagement reflects a deliberate step by the Commission to deepen dialogue between the regulator and the FinTech sector,” he said.
Nigeria has grown into a leading innovation hub in Africa, with FinTech entrepreneurs expanding financial inclusion, widening investment opportunities, and using technology to address structural gaps within the financial system.
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Agama noted that while these developments are encouraging, regulatory frameworks must evolve alongside technological progress.
He said, “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 added that the SEC’s mandate of protecting investors, ensuring fair and transparent markets, and facilitating capital formation remains compatible with innovation.
According to him, clarity, predictability, and trust are essential conditions for innovation to flourish.
Agama further explained that since 2018, the Commission has shown strong commitment to promoting technological innovation within Nigeria’s capital market, including establishing a dedicated FinTech department, introducing Innovation Facilitators, and drafting rules tailored to FinTech operations.
He also noted that the recent enactment of the Investments and Securities Act 2025 has strengthened the Commission’s ability to regulate emerging digital products and platforms while improving investor protection.
According to him, the clinic is designed to achieve three key objectives: clarifying the regulatory framework under the new Act, engaging directly with FinTech operators on common compliance challenges, and reinforcing the principle that legitimacy is essential for sustainable growth.
“FinTech business models often evolve faster than regulatory frameworks,” the SEC DG said.
“Early dialogue prevents costly missteps. Compliance embedded at the design stage is far more effective than corrective measures after market entry.”
He encouraged stakeholders to see the clinic as a constructive platform rather than an adversarial one.
Agama reaffirmed the Commission’s commitment to supporting innovators within a regulatory framework that protects investors and preserves the integrity of Nigeria’s capital market.
He also referenced the evolving digital financing landscape, including the 2021 crowdfunding framework and ongoing reviews of structural elements aimed at strengthening capital formation while maintaining strong investor safeguards.
He stressed the need for regulatory clarity, especially for retail investors who may not fully understand the complexities of digital financial products.
Agama reiterated that innovation must be supported by strong governance to ensure sustainable growth and investor confidence.
“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 for Operations at the SEC, Bola Ajomale, noted that digital assets have captured the imagination of many young people and expressed optimism about the sector’s future.
He said, “We believe that the responsibilities we have and everyone has as players, it must grow in complement with the enthusiasm.
There are some risks emerging, and some that have been there are heightened, including unregistered investment platforms, among others.
“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.”