FinTech

Nigeria Senate Calls for Proposals for Legislation for Fintech Growth

 

The Senate of the Federal Republic of Nigeria is open to bills and legislation that encourage the growth of the Fintech Industry.

Senate President Dr. Bukola Saraki disclosed this when he received the governing council of the Chartered Institute of Bankers in Nigeria, recently in Abuja.

Saraki said “I am keen to see how Fintech can improve access to financial services. I would welcome proposals for legislation that would encourage the growth of Fintech and improve access to financial services for the majority of Nigerians”.

The Chairman of the National Assembly tasked the  Chartered Institute of Bankers to develop a document suggesting bills to further improve access to finance for SMEs. He said “We cannot have the growth that we seek with so many Nigerians lacking access to financial services”.

He assured the CIBN that the  Senate under his leadership, was working to ease access to finance. Speaking on this he noted that the Upper Chamber had passed the Credit Reporting Act which helps reduce the risk of lending and the Secured Transactions in Moveable Assets Bill, which allows the use of invoices and receipts to get loans and working capital.

On the economy, he stressed that “Government cannot provide employment for all. This is why we must support the micro, small and medium enterprises who generate more income and employment than all the multinationals and publicly quoted companies but lack access to finance”.

According to him “We also have 7 bills aimed at improving ease of doing business in Nigeria. With a population that is 70% youth, it is important to create inclusive growth for our young people”.

The CIBN Governing Council was led to the stakeholder engagement with the Senate President, by its President Prof. Segun Ajibola.