The Director-General of the National Information Technology Development Agency (NITDA), Mal. Kashifu Inuwa has described the Fintech sector in Nigeria as a poverty remover, especially with the application of the developmental regulation approach and enabling policies toward co-creating the tech ecosystem.
Inuwa, who stated this at the Digital Finance Summit, a sideline event of the ongoing GITEX 2022, also noted that apart from the Fintech industry, Nigeria is doing pretty well in the Environmental, Social and Governance (ESG).
“FinTech has helped move so many people out of poverty in Nigeria,” disclosing that in 2021 alone, more than 35 percent of direct investments for tech startups to Africa came to Nigeria.
Meanwhile, Mal. Inuwa has stressed the need for the government to work with the United Nations, World Bank and others to see how they can help build the infrastructures for the Fintech in order to reach those that are not presently reachable or connected.
Moreso, the NITDA Boss told the audience that the Start-up Bill which has been passed by the National Assembly and awaiting Presidential assent will address almost if not all the challenges plaguing the tech ecosystem.
Responding to questions regarding Nigeria’s efforts to entrench the Environmental, Social and Governance ESG, Inuwa explained that the Federal Government has been working assiduously towards creating a conducive environment for startups to thrive, as the Ministry of Communications and Digital Economy formulated several policies to help drive the digital economy.