My people, make una gather here as I yarn this serious matter wey dey happen for our fintech sector.
The Central Bank of Nigeria (CBN) don blow whistle say dem get wahala for the fintech area. This one no be gri-gri matter, na the truth wey dem don gather from survey wey show say high compliance cost, slow approval, and regulatory wahala dey hold back innovation as our guys dey try to make digital finance better.
According to the CBN report wey dem titled ‘Shaping the Future of Fintech in Nigeria’, dem talk say even as we don build one of Africa’s advanced fintech ecosystem, the regulations no dey follow the pace wey innovation dey move. E be like say everything dey too slow for this side!
Example, 87.5 percent of fintech operators complain say compliance cost dey limit wetin dem fit innovate. Over 60 percent dey shout say the time wey it take to approve their products dey carry dem go market late. Some even talk say e fit take them more than one year to launch new products. Na wah!
The CBN also notice say as fintech guys dey look the regulatory environment, dem dey see am half-half. Some dey call am enabling, while others dey call am restrictive. The wahala wey dey come from unclear guidance and different rules wey different agencies dey use. E mean say if two goats dey talk, dem fit talk different things because of wetin dem don hear!
But now, CBN dey try to show say na partnership dem want. Dem wan see fintech as solution to improve financial inclusion and make sure say more people fit access financial services, especially those wey dey chop the small-small.
For this new roadmap wey CBN don outline, dem don plan to dey streamline approvals, strengthen coordination, and make everything easier for compliant companies. Na serious business dem dey handle o!
Some of the key points wey dem talk include the setup of a standing CBN–fintech engagement platform to make am easy for dialogue. Dem also wan create Single Regulatory Window wey go make multi-agency processes waka together like one, so that anybody wey get better idea fit move forward without wahala.
CBN even dey plan to run tests join with other African countries wey go allow dem use licenses for different regions without wahala. So, if person get license for Nigeria, dem fit use am for Ghana, Kenya, and others without stress. Na so cooperation go dey work!
As fintech dey grow, small-small companies dey feel the pressure wey the compliance costs dey bring. No be small matter at all! Fez plenty fintech dey talk say dem need better ways to manage compliance without spending their blood and sweat.
Despite wahala wey dey, operators dey shout say dem want make regulators gree to join body and dey relate, rather than just dey restrict everywhere. This one mean say about 75 percent of firms want regular talks and working groups. Na wey go make dem fit sabi as dem dey innovate.
So, make we dey watch how this CBN plan go unfold. Nigeria’s fintech sector don dey ready for the next level. Who knows, maybe na we go lead the way for Africa and beyond. But make everybody come together, no be only talk, we need action! E don too much for this compliance bobo matter, now na time to step up!
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