FinTech: Inuwa advocates enhanced collaborations to deepen financial literacy in Nigeria

*Kashifu Inuwa Abdullahi, CCIE, Director-General of the National Information Technology Development Agency, calls for increased collaborations among key players in the Financial Technology ecosystem towards enhancing financial literacy and promoting financial inclusion among all Nigerian consumers

Gbenga Kayode | ConsumerConnect

As part of ongoing efforts at enhancing financial literacy and promote financial inclusion for all Nigerian consumers, Malam Kashifu Inuwa Abdullahi, CCIE, Director-General of the National Information Technology Development Agency (NITDA), has called for increased collaborations among key players in the Financial Technology (FinTech) ecosystem.

ConsumerConnect reports NITDA Inuwa DG made this statement at the 6th Edition Annual FirstBank FinTech Summit where he joined other key players in the ecosystem in a session titled: “Policy and Infrastructure: Navigating Financial Regulations for Fintech Innovations”, held at the Lagos Continental Hotel, Victoria Island, Lagos State.

The Information Technology (IT) sector regulatory agency stressed the Director-General’s call is line with the present administration’s focus on Reforming the Economy for Sustained Inclusive Economic Growth, Accelerating Diversification through Industrialisation and Digitisation, and Improving Governance for Effective Service Delivery in the economy.

He also noted the NITDA’s regulatory approach, based on a triple helix model, is not just about imposing standards but actively creating and supporting markets.

Inuwa further highlighted the objectives of the Regulatory Intelligence Framework, developed by the agency to create marketing values, enabling innovations, protecting consumers and effectively discharging services in the Nigerian economy.

According to him, priority was given to collaborations with the ecosystem in meeting these deliverables.

Speaking as a panelist at the event, Inuwa stated: “To achieve this, we came up with a way which we call the participatory framework or policy dialogue for any regulation. This is because at the heart of everything we do is co-designing and co-creation.”

In regard to working with the ecosystem, the NITDA Chief Executive asserted that collaborations are instrumental in successfully implementing Nigeria’s cashless policy, which the agency did in partnership with the Central Bank of Nigeria (CBN).

He explained: “NITDA worked with CBN to come up with a cashless policy, which gave birth to the FinTech industry we are talking about today.

“This led to the banks to start upgrading their infrastructures, both hard and software, and the FinTech identified gaps and started coming up with solutions that can bridge the gaps left by the bank.”

On activating NDLF and collaborations with FIRS, NYSC, others

The Director-General of the agency, however, disclosed NITDA is working with the Federal Inland Revenue Service (FIRS), and some other stakeholders to develop guidelines for electronic invoicing, which would create opportunities for the FinTech.

He said: “As a regulator with a focus on facilitating financial inclusion, we need to strengthen unified regulations and policy-making, because if you make policies without having the implementers in the room, it will be difficult for them to implement.”

Besides, Inuwa elaborated on NITDA’s efforts at bridging the digital divide as an essential factor for financial inclusion, underscoring the launch of a National Digital Literacy Framework (NDLF) to integrate digital skills into formal education in the West African country.

Highlighting the agency’s efforts at fostering digital literacy and cultivating talents, he as well stated that the agency has engaged in collaborations with the Federal Ministry of Education in integrating digital literacy into curriculum and also, with the National Youth Service Corps (NYSC) in training over 17,000 Corps members annually.

He added that the initiative is expected to provide basic digital literacy to millions, and aims to engage artisans, market women, senior citizens, and others from the informal sectors.

Inuwa’s insights on data sovereignty and foreign cloud services in Nigeria

The Director-General of NITDA further addressed Nigeria’s data sovereignty issues, particularly regarding reliance on foreign cloud services.

Inuwa submitted that building in-country cloud capabilities is vital for national security and for empowering local FinTechs.

He, however, said: “Without operational sovereignty, we cannot fully control or secure our digital assets,” as he enumerated ongoing partnerships with hyperscale providers and local data centres to create cloud infrastructure within Nigeria.

The NITDA Chef also explained that the agency is working with other stakeholders in developing the cybersecurity architecture to achieve financial inclusion while asserting that infrastructures will be created, the unconnected will be connected and promoting digital literacy to foster trust on digital platforms.

Revealing that NITDA has several interventions and initiatives aimed at supporting the underserved and unserved areas in the country by building their digital capacities and skills, he urged the FinTech industry to leverage these opportunities by infusing their financial literacy into them which will consequently drive a deeper financial inclusion for all.

Inuwa averred: “Nigeria has the infrastructure and with the right collaborations and continued focus on inclusive policies, we can make significant strides in bridging both digital and financial divides.”

Other panelists who shared their insights and expertise at the session with the Director-General were the Managing Director and CEO of NIBSS, Mr. Premier Oiwoh; CEO, Lagos Lotteries & Gaming Authority, Mr. Bashir Are; and the Chief Information Officer, First Bank of Nigeria, Mr. Adewale Salami.

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