Jessica Erobomhan
Chairman of the House Committee on Insurance and Actuarial Matters, Ahamadu Usman Jaha, has said Nigeria’s fintech ecosystem has become one of the largest in Africa, noting that the country’s growing payment ecosystem continues to attract significant investment.
Jaha spoke recently in Lagos at the 2026 Stakeholders’ Retreat of the House Committee on Insurance and Actuarial Matters with the Nigeria Deposit Insurance Corporation (NDIC), themed, “Strengthening Financial Safety Nets in an Era of Banking Sector Recapitalisation and Fintech Innovation.”
He said while fintech innovation had significantly improved financial inclusion and payment efficiency, its rapid expansion had also introduced new risks and challenges for the financial system.
According to him, these challenges include cyber resilience, operational risks, consumer protection, digital fraud and questions around the scope of deposit insurance coverage.
“Today, Nigerias banking industry continues to occupy a central position in our economy, with banking sectors assets running into several trillions of Naira and serving tens of millions of depositors across conventional banking channels and rapidly expanding digital platforms. Likewise, Nigeria’s fintech has become one of the largest in Africa, attracting substantial investment and processing billions of electronic payment transactions annually.”
Jaha stressed that the banking industry remained central to the Nigerian economy, given its role in financial intermediation, savings mobilisation and the provision of credit to businesses and households.
He also reaffirmed the commitment of the House of Representatives to strengthening the country’s financial safety architecture through appropriate legislative support.
He said, “As innovation accelerates, our responsibility as policymakers is to ensure that depositors’ protection, financial stability and consumer confidence evolve at the same pace,”
He added that the ongoing banking sector recapitalisation programme provided an opportunity to strengthen the resilience of financial institutions and enhance their capacity to support economic growth.
“The ongoing banking sector recapitalisation programme presents an opportunity to build stronger, better capitalised and more resilient financial institutions capable of supporting Nigeria’s aspiration to become a one-trillion-dollar economy.”