ATICEN Calls on CBN for Better Fintech Regulations to Foster Growth

ATICEN Calls on CBN for Better Fintech Regulations to Foster Growth

Comrade Adede John Williams, President of the Association of Telecommunications, Information Technology, Cable Satellite Network Operators and Allied Services Employers’ of Nigeria (ATICEN), has called on the Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Michael Cardoso, to adopt industry-centric policies for the cashless and digital economy as promised by President Bola Ahmed Tinubu’s administration.

Williams emphasized that while the CBN has the authority to formulate policies, it is crucial for these policies to be business-friendly to avoid stifling sectoral growth. He urged the CBN to ensure that any policy affecting the fintech industry should support business operations rather than hinder them.

He highlighted the importance of understanding the fintech ecosystem before implementing regulations, warning that overlapping policies could disrupt the sector’s contribution to financial inclusion. Williams recommended a critical stakeholders’ engagement meeting between the CBN and fintech and ICT industry stakeholders to ensure effective policy formulation.

Read Also: CBN Halts Charges on Cash Deposits in Banks

Williams also pointed out the challenges fintech startups face due to corporate governance policies structured by the CBN. He argued that these startups, often small businesses, cannot be compared with commercial banks and thus require special consideration to support financial inclusion initiatives. Without this support, he warned, regulations might impede the sector’s growth, leading to job losses rather than job creation.

He further advised the CBN to formulate policies that promote long-term loans and encourage partnerships with commercial and microfinance banks. Such policies should benefit fintech and ICT service providers, boosting the financial digital technology ecosystem and fostering growth.

Williams noted that fintech startups are technologically driven to serve the unbanked population, an initiative originally supported by the CBN. He stressed the need for inclusive policy-making that involves all stakeholders to avoid worsening the fintech sector’s innovations and achievements.

Finally, Williams called for a flexible regulatory policy, including a downward review of operational license fees for tech startups and digital banking service providers. He also advocated for easier access to funds for these startups, aligning with the government’s commitment to supporting the startup ecosystem. This approach, he said, would deepen technological growth, unlock opportunities, and enable a thriving ICT ecosystem in Nigeria.

Read Also: CBN Withdraws Directive on Cybersecurity Levy for Banks

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