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Kashifu Inuwa Abdullahi, Director General of the National Information Technology Development Agency (NITDA), has emphasized the need for increased collaboration among key players in Nigeria’s Fintech ecosystem. Collaboration will enhance financial literacy and drive greater financial inclusion. He said this aligns with the current Tinubu administration’s focus on economic reform and sustainable growth.
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Abdullahi spoke as a panelist at the 6th Annual FirstBank FinTech Summit in Lagos. He highlighted the Tinubu administration’s emphasis on accelerating economic diversification through industrialization and digitization, while improving governance. The NITDA boss alongside other key figures in the sector participated in a panel on “Policy and Infrastructure: Navigating Financial Regulations for Fintech Innovations.”
NITDA Regulatory Intelligence Framework
Abdullahi outlined NITDA’s regulatory approach, which is based on a triple helix model focused on market creation, innovation support, and consumer protection. The agency’s Regulatory Intelligence Framework emphasizes collaboration with industry stakeholders to develop market-driven regulations.
“To achieve our goals, we have adopted a participatory framework for policy dialogue,” Abdullahi explained. “Our focus is on co-designing and co-creating solutions, with the active involvement of the Fintech ecosystem.”
He cited NITDA’s partnership with the Central Bank of Nigeria (CBN) on the cashless policy, which laid the foundation for the Fintech industry in Nigeria. This collaboration pushed banks to upgrade their infrastructure, allowing Fintech companies to step in and address service gaps.
Looking ahead, Abdullahi announced that NITDA is working with the Federal Inland Revenue Service and other stakeholders to establish guidelines for electronic invoicing, which will open new opportunities for the Fintech sector.
“As a regulatory body focused on promoting financial inclusion, it is essential to have unified regulations crafted with the input of implementers, to ensure effective policy execution,” he emphasized.
Bridging the digital divide
NITDA’s efforts also extend to bridging the digital divide, which is crucial for financial inclusion. Abdullahi highlighted the launch of the National Digital Literacy Framework, aimed at integrating digital skills into Nigeria’s education system. Through partnerships with the Ministry of Education and the National Youth Service Corps (NYSC), over 17,000 youth members are trained annually in digital literacy. This initiative targets not only students but also artisans, market women, senior citizens, and individuals in the informal sector.
On the issue of data sovereignty, Abdullahi underscored the importance of developing local cloud infrastructure for security and empowering local Fintech firms. “Operational sovereignty is essential for the control and protection of our digital assets,” he said, noting collaborations with both hyperscale providers and local data centers to strengthen in-country cloud capabilities.
NITDA is also focused on enhancing Nigeria’s cybersecurity infrastructure, supporting financial inclusion, and connecting underserved regions through various digital literacy initiatives. Abdullahi encouraged Fintech companies to take advantage of NITDA’s programs, infusing their financial literacy efforts into these initiatives to drive deeper financial inclusion.
“Nigeria has the infrastructure and, with the right partnerships and inclusive policies, we can significantly bridge the digital and financial gaps,” Abdullahi concluded.
Other prominent speakers at the summit included Premier Oiwoh, MD & CEO of NIBSS; Bashir Are, CEO of Lagos Lotteries & Gaming Authority; and Adewale Salami, Chief Information Officer of FirstBank of Nigeria. Together, they discussed the regulatory and infrastructure challenges facing Nigeria’s Fintech landscape and the path forward for a more inclusive economy.
