E-Financial
Inuwa Tasked Fintech Stakeholders on Collaboration to Deepen Financial Literacy
In 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, the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa CCIE, has called for increased collaboration among key players in the Fintech ecosystem to enhance financial literacy and promote financial inclusion for all citizens.
The DG made this statement at the 6th edition of the 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.
Inuwa emphasised that NITDA’s regulatory approach, based on a triple helix model, is not just about imposing standards but actively creating and supporting markets.
Outlining the objectives of the Regulatory Intelligence Framework developed by the agency to creating marketing values, enabling innovations, protecting consumers and effectively discharging services, Inuwa noted that priority was given to collaborations with the ecosystem in meeting these deliverables.
“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,” he said.
Speaking on working with the ecosystem, he noted that collaboration was instrumental in successfully implementing Nigeria’s cashless policy which the agency did in partnership with the Central Bank of Nigeria (CBN).
“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 banks,” he added.
The DG however stated that the agency is working with the Federal Inland Revenue Service and some other stakeholders to develop guidelines for electronic invoicing which will create opportunities for the Fintech.
“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, “ he averred.
He also elaborated on NITDA’s efforts to bridge the digital divide as an essential factor for financial inclusion, underscoring the launch of a National Digital Literacy Framework to integrate digital skills in formal education.
Highlighting the agency’s efforts at fostering digital literacy and cultivating talents, he disclosed that the agency has engaged in collaborations with the Ministry of Education in integrating digital literacy into curriculum and also, with the National Youth Service Corps (NYSC) in training over 17,000 Youth Corp 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 further addressed Nigeria’s data sovereignty issues, particularly regarding reliance on foreign cloud services. He noted that building in-country cloud capabilities is vital for national security and for empowering local FinTechs. “Without operational sovereignty, we cannot fully control or secure our digital assets,” he stated, mentioning ongoing partnerships with hyperscale providers and local data centres to create cloud infrastructure within Nigeria.
He 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 to leverage these opportunities by infusing their financial literacy into them which will consequently drive a deeper financial inclusion for all.
“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,” Inuwa concluded.
Other panelists who shared their insights and expertise at the session with the DG were the MD & CEO, NIBSS, Mr Premier Oiwoh, CEO, Lagos Lotteries & Gaming Authority, Mr Bashir Are and the Chief Information Officer, FirstBank of Nigeria, Mr Adewale Salami.
NOVA Bank has opened its regional office in Owerri, Imo State, as part of its expansion drive across the South-East and South-South regions.
At the inauguration ceremony, recently, Senator Hope Uzodinma, Imo State Governor, announced that the state government would provide land for the development of the bank’s permanent regional headquarters for the South-East and South-South in Owerri.
The event was attended by government officials, business leaders from the two regions, and members of the Nigerian diaspora.
Governor Uzodinma stated that the bank’s entry into Imo State aligned with the government’s efforts to promote economic growth through infrastructure development, improved road networks, and market-driven initiatives.
He described NOVA Bank as an early investor in the region’s emerging economic opportunities.
He also commended the bank’s approach of combining physical banking infrastructure with digital platforms, noting that it aligns with the state’s emphasis on technology-driven governance and commerce.
“In recognition of NOVA Bank’s vision and long-term commitment to the region, the Imo State Government will allocate a suitable parcel of land in a prime location for the development of its permanent South-East/South-South Regional Headquarters,” the governor said.
Speaking at the event, Phillips Oduoza, chairman, NOVA Bank, thanked the Imo State Government and residents for their support, describing the Owerri office as a key part of the bank’s national expansion strategy.
“The opening of our regional office in Owerri marks a strategic milestone in NOVA Bank’s growth and underscores our commitment to the South-East and South-South,” Oduoza said, adding that the city would serve as a hub for the bank’s operations in the region.
He said the bank’s expansion is driven by a focus on sustainable growth, innovation and strong financial fundamentals, noting that NOVA Bank is investing in digital infrastructure and financial solutions to support small and medium-sized enterprises, corporates, public-sector institutions, high-net-worth individuals and the mass market.
According to him, the planned regional headquarters is expected to support job creation, improve access to credit, promote enterprise growth and deepen financial inclusion across the two regions.
Oduoza said the bank remains focused on building a resilient institution that delivers value to customers, partners and shareholders.
The opening of the Owerri regional office marks NOVA Bank’s latest step in expanding its presence in southern Nigeria.
Securities and Exchange Commission (SEC) has announced that Capital Market Operators (CMO’s) are to renew their registration from January 1 to 31, 2026.
In a bid to make the process seamless, the Commission says it will commence electronic receipt and processing of applications for registration and updates of registration information in the first quarter of 2026.
Dr. Emomotimi Agama, director general of the SEC, stated this during an interview in Abuja.
According to Agama, “These initiatives reflect our commitment to leveraging technology for faster, more transparent, and efficient regulatory processes. The Commission is taking deliberate steps to make regulatory processes faster, more transparent, and technology-driven. We are investing in automation, databased supervision, and secure infrastructure to improve how we interact with the market.
The SEC Boss stated that through its Digital Transformation Portal, the Commission has automated registration and licensing end-to-end as operators can now submit applications, upload documents, and track approvals online, cutting down manual processing time and reducing the need for physical visits.
Commercial Paper Issuance Module
He said the Commission has also rolled out the Commercial Paper issuance module, which allows operators to file documents, monitor progress, and receive approvals electronically while feedback from early users shows a clear improvement in turnaround time.
“Work is ongoing to automate quarterly and annual returns submissions, with structured templates and system checks to ensure accuracy. A returns analytics dashboard is also in development to support risk based supervision and exception reporting.
“To back these changes, we have started upgrading our IT infrastructure, servers, storage, networks, and security layers, to boost speed and reliability. Selective cloud migration is underway for platforms that need scalability and external access, while core internal systems remain on premisev5p for now as we assess security and cost implications.
“At the same time, we are strengthening data integrity and cybersecurity with vulnerability assessments and planned penetration testing once automation and migration phases are stable. These efforts show our commitment to building a modern, resilient regulatory environment that supports efficiency, investor confidence, and market stability.
Agama affirmed that the Nigerian Capital Market is clearly on a path toward digital transformation, therefore, there is an urgent need for regulatory clarity on advanced technologies, targeted support for smaller firms, and capacity-building initiatives.
He said, “A phased and proportionate approach to regulating emerging technologies such as AI is essential, complemented by internal readiness through supervisory technology tools. Furthermore, investor education, particularly among younger demographics, will be critical to future-proof participation and drive fintech adoption.
“Innovation is vital, but it must be accompanied by responsibility. As operators embrace automation, artificial intelligence, and data-driven tools, they bear a duty to ensure ethical, secure, and compliant deployment. Safeguarding investor data, preventing market abuse, and maintaining operational resilience are non-negotiable.”
The SEC DG said that ultimately, responsible technology adoption is about building trust, the cornerstone of our markets saying that trust thrives on fairness, transparency, accountability, and regulatory compliance.
He therefore urged operators to uphold these principles adding that it would not only protect investors and systemic stability but also strengthen the long-term credibility and competitiveness of the Nigerian Capital Market.
The naira is projected to remain largely stable in the coming months, while borrowing costs are expected to ease as inflation moderates, according to the Central Bank of Nigeria’s (CBN) latest Business Expectations Survey (BES).
CBN
The survey, which polled about 1,900 businesses nationwide, revealed that confidence in the local currency has strengthened. Respondents expect the naira to rise from an index of 28.8 points to 42.2 points by May 2026, extending the rare period of stability recorded throughout 2025.
Borrowing rates are also forecast to decline, with the index dropping from 15.4 points to 11.7 points, reflecting expectations of softer monetary conditions as inflationary pressures ease.
“Respondents expect the naira–US dollar exchange rate to steadily appreciate across the review periods, as indicated by the positive indices. They also anticipate a continuous positive outlook for borrowing rates during the same periods,” the BES report stated.
The naira has enjoyed an unusually long stretch of stability after losing about 41% of its value in 2024 following the unification of exchange rates. Analysts attribute the current calm to the CBN’s calibrated interventions and steady inflows from foreign portfolio investors.
Inflation, which stood at 14.45% in November 2025, is projected to fall to single-digit levels in 2026. This outlook could give monetary authorities room to begin a gradual easing cycle, potentially improving credit access for businesses.
Despite the improving macroeconomic environment, businesses continue to grapple with structural constraints. The survey highlighted insecurity (70.1 points), high/multiple taxation (69.7 points), and insufficient power supply (69.3 points) as the most pressing challenges. Other concerns include poor infrastructure and an unfavorable political climate, both scoring 57.7 points.
While optimism surrounds the naira and borrowing costs, the BES underscores the need for sustained reforms to tackle deep-rooted operational challenges. Analysts say that without addressing insecurity, taxation burdens, and infrastructure gaps, Nigeria’s businesses may struggle to fully benefit from the improving macroeconomic outlook.
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