President of the Senate, Dr. Abubakar Bukola Saraki, on Thursday said that the Senate is working to ensure the growth of digital Financial Technology (FinTech) popularly known as digital financing in Nigeria.
Saraki, stated this in his address before the Africa Finance Forum, organized by the Corporate Council on Africa, at this year’s Spring Meeting of the World Bank and International Monetary Fund (IMF) holding in Washington D.C.
He said that the Senate is desirous to see Nigerian banks expand with capacities to create opportunities for financial services penetration and support for enterprises.
He further averred that the Red Chamber, through its Committee on Banking, Insurance and other Financial Institutions is engaged in legislative interventions to ensure financial inclusion for all, “especially in the rural areas where a large percentage still remains unbanked by bridging services between the banking and telecommunications sectors.”
While commending the Corporate Council on Africa for convening the event and its inspired focus on the FinTech environment on the African continent, Saraki emphasied that the Senate will continue to encourage innovation in the Financial Technology (FinTech) space in Nigeria.
He also noted that Financial Technology has enjoyed a tremendous upsurge in the global economy and is currently creating a lot of excitement in Africa in general, and Nigeria in particular, as the next frontier in the industry.
He noted that challenges militating against the growth of FinTech in Nigeria include but not limited to issues about consumer protection, intellectual property, concerns about money laundering and fraudulent activity.
He said: “FinTech growth requires us to pay attention to all of these, and to come up with regulatory frameworks that will safeguard our people.