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Nigerian Senate's Fintech Regulation

If you work in fintech and truly want to see a balanced financial technology legislation, now is the time to take action. The Nigerian Senate wants to put laws in place. But it is asking the  Chartered Institute of Bankers (CIB) to develop a draft. The fintech community needs to also work on a draft regulation for the Senate to also consider alongside whatever CIB presents.

The Senate of the Federal Republic of Nigeria is open to bills and legislation that encourage the growth of the Fintech Industry.

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[Senate President] Saraki said “I am keen to see how Fintech can improve access to financial services. I would welcome proposals for legislation that would encourage the growth of Fintech and improve access to financial services for the majority of Nigerians”.

The Chairman of the National Assembly tasked the  Chartered Institute of Bankers to develop a document suggesting bills to further improve access to finance for SMEs. He said “We cannot have the growth that we seek with so many Nigerians lacking access to financial services”.

He assured the CIBN that the  Senate under his leadership, was working to ease access to finance. Speaking on this he noted that the Upper Chamber had passed the Credit Reporting Act which helps reduce the risk of lending and the Secured Transactions in Moveable Assets Bill, which allows the use of invoices and receipts to get loans and working capital.