Jessica Erobomhan
Chairman of the Home Committee on Insurance coverage and Actuarial Issues, Ahamadu Usman Jaha, has stated Nigeria’s fintech ecosystem has turn into one of many largest in Africa, noting that the nation’s rising cost ecosystem continues to draw important funding.
Jaha spoke lately in Lagos on the 2026 Stakeholders’ Retreat of the Home Committee on Insurance coverage and Actuarial Issues with the Nigeria Deposit Insurance coverage Company (NDIC), themed, “Strengthening Monetary Security Nets in an Period of Banking Sector Recapitalisation and Fintech Innovation.”
He stated whereas fintech innovation had considerably improved monetary inclusion and cost effectivity, its fast enlargement had additionally launched new dangers and challenges for the monetary system.
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In keeping with him, these challenges embody cyber resilience, operational dangers, shopper safety, digital fraud and questions across the scope of deposit insurance coverage protection.
“At this time, Nigerias banking business continues to occupy a central place in our economic system, with banking sectors property operating into a number of trillions of Naira and serving tens of tens of millions of depositors throughout typical banking channels and quickly increasing digital platforms. Likewise, Nigeria’s fintech has turn into one of many largest in Africa, attracting substantial funding and processing billions of digital cost transactions yearly.”
Jaha harassed that the banking business remained central to the Nigerian economic system, given its position in monetary intermediation, financial savings mobilisation and the supply of credit score to companies and households.
He additionally reaffirmed the dedication of the Home of Representatives to strengthening the nation’s monetary security structure by way of applicable legislative assist.
He stated, “As innovation accelerates, our duty as policymakers is to make sure that depositors’ safety, monetary stability and shopper confidence evolve on the identical tempo,”
He added that the continued banking sector recapitalisation programme offered a possibility to strengthen the resilience of monetary establishments and improve their capability to assist financial development.
“The continuing banking sector recapitalisation programme presents a possibility to construct stronger, higher capitalised and extra resilient monetary establishments able to supporting Nigeria’s aspiration to turn into a one-trillion-dollar economic system.”