The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, has urged greater collaboration among fintech industry stakeholders to enhance financial literacy and drive financial inclusion for all Nigerians. This call aligns with the administration’s focus on economic reforms, digitization, and governance improvements.
Inuwa made this appeal at the 6th annual FirstBank FinTech Summit in Lagos, during a session on “Policy and Infrastructure: Navigating Financial Regulations for Fintech Innovations.” He highlighted NITDA’s unique regulatory approach, which involves co-creation and active market support rather than imposing standards.
He detailed the agency’s Regulatory Intelligence Framework, designed to foster innovation, consumer protection, and service efficiency, emphasizing that the participatory framework at NITDA is focused on working closely with the fintech ecosystem.
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Inuwa also referenced NITDA’s partnership with the Central Bank of Nigeria (CBN) in developing Nigeria’s cashless policy, a collaboration that laid the foundation for the fintech industry’s growth. He added that NITDA is currently working with the Federal Inland Revenue Service (FIRS) to develop electronic invoicing guidelines that could open up new opportunities for fintech companies.
The NITDA boss further discussed efforts to bridge the digital divide through a National Digital Literacy Framework, integrating digital skills into formal education and partnering with the National Youth Service Corps (NYSC) to train over 17,000 youth annually. This initiative aims to provide digital literacy to various groups, including artisans, market women, and senior citizens.
Addressing data sovereignty, Inuwa stressed the importance of building local cloud infrastructure to ensure national security and empower local fintechs. He mentioned that NITDA is collaborating with hyperscale providers and local data centers to establish in-country cloud capabilities, emphasizing that operational sovereignty is essential for securing Nigeria’s digital assets.
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