Nigeria’s capital market regulator has engaged more than 500 financial technology firms as part of efforts to ensure rapid digital finance innovation develops within a framework that protects investors and safeguards market integrity.
The Securities and Exchange Commission disclosed the move during its inaugural Regulator–FinTech Clinic held in Abuja on Tuesday, where fintech operators, regulators and other market stakeholders gathered to discuss emerging digital financial products and the regulatory frameworks needed to oversee them.
Director-General Emomotimi Agama said the initiative reflects the Commission’s strategy to align technological innovation with governance and investor protection as Nigeria’s digital financial ecosystem continues to expand.
“As we launch this inaugural clinic, our goal is to align innovation with integrity, growth with governance and technology with trust,” Agama said.
Nigeria’s fintech sector has expanded significantly in recent years, driven by the spread of mobile technology, digital payments and online investment platforms targeting retail investors. The growth has helped widen financial inclusion and expand access to investment opportunities across the country.
At the same time, regulators say the rapid rise of technology driven financial services has introduced new risks, including the emergence of unregistered digital investment platforms that could expose investors to fraud and financial losses.
To better understand these developments, the Commission said it has been engaging fintech operators to examine their business models, operational structures and the products they are introducing into the market.
“We have taken more than 500 firms to understand how they are evolving and what they are bringing to the market,” said Bola Ajomale.
“That is why we are engaging the players to understand what they are bringing and then set up a framework where we can regulate them,” Ajomale added.
According to the regulator, the FinTech Clinic is designed to create a structured engagement platform between regulators and technology driven financial service providers operating within the capital market.
Discussions at the forum also focused on regulatory expectations under the recently enacted Investments and Securities Act 2025, which expands the SEC’s powers to supervise digital investment platforms and other technology based financial products.
The Commission said the engagement will help fintech firms better understand their compliance obligations while allowing regulators to monitor emerging technologies more effectively as the market evolves.
Agama said proactive dialogue between regulators and innovators is critical to preventing regulatory breaches and maintaining investor confidence.
“Responsible innovation requires regulatory frameworks that are both protective and adaptable,” he said.
“Early dialogue prevents costly missteps, and compliance embedded at the design stage is far more effective than corrective measures after market entry.”
The SEC noted that its core mandate includes protecting investors, ensuring fair and transparent markets and facilitating capital formation. The Commission said these objectives can coexist with technological innovation when supported by responsive regulation.
Nigeria’s fintech industry has attracted growing attention from regulators as digital platforms reshape the financial services landscape. Companies offering services such as digital payments, peer to peer lending and online investment platforms have expanded rapidly, particularly among younger retail investors.
The expansion has prompted regulators to introduce new supervisory tools aimed at balancing innovation with market stability and investor protection.
The SEC established a dedicated FinTech Department in 2018 to monitor emerging technologies and coordinate regulatory engagement with fintech innovators operating in the capital market.
Since then, the Commission has introduced innovation facilitation initiatives and regulatory engagement programmes to guide fintech companies through compliance requirements while encouraging responsible innovation.
In 2021, the regulator also introduced crowdfunding rules intended to support capital raising for small and medium sized enterprises while maintaining safeguards for investors.
Agama said the FinTech Clinic forms part of the Commission’s broader strategy to deepen collaboration with market participants as digital finance continues to evolve.
He added that the platform is intended to foster constructive dialogue rather than serve as a compliance enforcement exercise, encouraging fintech operators to strengthen their business models and ensure alignment with capital market regulations.