Despite the pandemic, the Financial Technology (Fintech) payment space in Nigeria grew by about 800 per cent.
With over 200 million people in Nigeria, he said the market is already available and only requires collaboration among the Fintech players.
On his part, the Central Bank of Nigeria (CBN) Director, Payment System Management, Musa Jimoh Itopa, said the country learned so many things from the pandemic in terms of payment.
He said regulation of the Fintech industry will come at the appropriate time, saying: “Regulation is driven by innovation. Payment system will be driven by innovation. As innovation comes, the apex bank studies and provides required regulations and policy.”
On his part, the General Manager, Mobile Financial Services, MTN, Usoro Usoro, said the Fintech space is moving rapidly with innovations, with the major challenge being largely regulation.
Usoro, who said the Fintech space needs clarity around regulation, identified the challenges faced by customers to include identity (KYC), distributions, and a conducive environment for services to thrive.