By Muh’d Shafi’u Saleh
Members of the 10th Assembly House of Representatives’ Committee on Digital and Electronic Banking were in Lagos, Nigeria last weekend for a capacity building on the fintech, regtech and supertech.
The training sponsored by Interswitch offer opportunity for the law makers to be abreast with new technologies and regulations that drives the financial industry globally.
Participants were exposed to the dynamics, challenges and opportunities that digital and electronic payment systems and currencies presents to Nigeria’s financial sector, in the 21st century.
In his contributions, Rt. Hon. Kwamoti B. Laori observed that insecurity, poor digital skills, inadequate communication network coverage and electric power supply constitute major setbacks to effective operations of digital and electronic payment systems in Nigeria
Therefore advocates more sensitization towards inclusion and mainstreaming SMEs in rural areas to fully participate in the digital and electronic banking system.
While underscoring the importance of the training, the law maker called on the federal government to redouble effort towards improved security, power supply and widen access to digital skills by investing more in the sector as did other advanced economies.
Rep. Kwamoti further maintained that more investments in digital skills, artificial intelligence and advocacy remains crucial for the sector to thrive.
In conclusion, the law maker commit to ensuring all legislative frameworks necessary for financial inclusion in Nigeria are strengthened to protect and provide effective and efficient service delivery to all Nigerians, regardless of their social class or economic status.
