1 week Ago By Seyi John Salau
Stakeholders in the Nigerian fintechs ecosystem have been urged to innovate responsibly just as the Senate move to deepen its regulatory oversight and compliance level among players in the sector. This was stated during the recent two-day workshop organised by the Senate Committee on Legislative Compliance in Abuja focused on closing the gap between legislative resolutions and implementation by Ministries, Departments, and Agencies (MDAs). The workshop spotlighted several urgent areas for reform — from capacity building within MDAs to modernising regulatory frameworks and enforcing sanctions for non-compliance.
Participants also called for strengthening performance monitoring units within the presidency to ensure ministries are held accountable. Read also: Here are six dynamics shaping fintechs in Africa “It is abnormal in a democracy when public institutions ignore or selectively implement resolutions of the National Assembly. Why do resolutions passed by the legislature sit dormant in ministry files, unattended to? Compliance should not be optional — it should be the default,” Godswill Akpabio, Senate President, who was represented by Osita Ngwu, stated in his opening address.
Garba Maidoki, chairman of the committee, underscored the impact of non-compliance on national development. According to him, the workshop was intended to explore solutions to Nigeria’s compliance crisis, which has contributed to widespread inefficiencies across key sectors, including infrastructure and healthcare. “We have over ten thousand abandoned projects in the country, with trillions of naira pumped halfway and no result.
If you travel by road, you see the consequences. If you visit hospitals, the effects of non-compliance are painfully clear — services are simply not delivered to Nigerians,” Maidoki stated. Rasaq Kadri, head of compliance at Kuda, shared his perspective from the private sector in a keynote address on the role of fintechs in driving responsible innovation.
He stressed that while technology has expanded access to financial services, true inclusion must be built on a foundation of accountability. “Fintech has redefined financial access; but access without responsibility can deepen risk. Inclusion means combining reach with reliability,” Kadri stated, citing Kuda’s approach on how embedding compliance into product design has enabled the company to innovate confidently and securely.
He also called for stronger collaboration between regulators and fintechs, noting that outdated regulatory frameworks often fail to reflect digital-first financial models. “Compliance and innovation don’t have to be at odds. When done right, they reinforce each other,” Kadri stated.
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