The Presidency says Regulatory Technology, known as RegTech, is central to efforts to expand financial inclusion and build a trusted digital economy in Nigeria.
It says the goal is to strengthen access to financial services while improving transparency and accountability in the system.
Speaking at a conference in Abuja, Technical Adviser to the President on Economic and Financial Inclusion, Nurudeen Abubakar Zauro, described RegTech as a key link between innovation and regulation.
He said tools such as artificial intelligence, blockchain, digital identity systems and real-time data analysis can help detect fraud and improve access to financial services for underserved groups.
Zauro said the administration is focused on building trust in digital systems as part of efforts to grow the economy and reduce exclusion from financial services.
He said Nigeria must move towards stronger digital systems that create opportunities for citizens and support long-term economic growth.
Zauro also said reforms under the Presidential Committee on Economic and Financial Inclusion are working on digital infrastructure and onboarding systems to widen access.
He added that achieving a one-trillion-dollar economy by 2030 would require cooperation between regulators, financial institutions and technology firms.
“The journey toward a one-trillion-dollar economy by 2030 will not be achieved by policy declarations alone,” he said. “We must collectively build systems that are efficient and fair.”
Central Bank of Nigeria Governor Olayemi Cardoso said regulation must support innovation while ensuring stability in the financial system.
He was represented at the event by Dr Rakiya Opemi Yusuf.
Cardoso said trust remains essential for digital financial systems to function effectively.
He said Nigeria’s digital growth has improved access to financial services but also increased risks such as fraud and cyber threats.
He added that future regulation will depend more on data-driven tools, real-time monitoring and stronger cooperation across borders.
Chairman of the conference organising committee, Cyril Okoroigwe, said Africa’s digital economy is growing rapidly but still faces major gaps in access and security.
He said millions of adults in Africa remain outside the formal financial system despite growth in mobile money usage.
He also warned that fraud losses and high remittance costs remain major challenges.
The conference is focused on improving payment systems, cybersecurity and financial inclusion across Africa.
Deji Elumoye
Follow us on:
