Economy
Experts urge adoption of digital tools to strengthen Nigeria’s compliance culture at Senate workshop
From left: General Counsel at Moniepoint Inc, Okechukwu Eke; Chairman, Senate Committee on Legislative Compliance, Senator Garba M. Maidoki; representative of the Nigerian Bar Association (NBA) and Vice-Chairman, Senate Committee on Legislative Compliance, Senator Ede Dafinone at the recent high-level workshop organized by the Senate in Abuja
Stakeholders in the nation’s financial sector have highlighted the urgent need for digital innovation to tackle deep-rooted compliance gaps and foster a culture of accountability across public institutions in the country.
The stakeholders made this demand at a recent high-level workshop organized by the Senate Committee on Legislative Compliance which brought together lawmakers, regulators, and leaders from Ministries, Departments, and Agencies (MDAs) to address Nigeria’s persistent challenges in regulatory adherence and governance,
The two-day event, which held at the NAF Conference Centre in Abuja, with the theme: “Consolidating Strategies for Strengthening Legislative Compliance by MDAs”, featured leading industry experts from EFCC, NBA, Ministry of Finance and key players in Nigeria’s financial sector, including fintech firms, championed the deployment of digital tools as essential for improving transparency and enforcing legislative resolutions.
In his opening remarks, the Senate President, Godswill Akpabio, represented by Senator Osita Izunaso, emphasized that compliance is “fundamental to democratic governance, adding that it was not optional,” underscoring the Senate’s renewed commitment to robust enforcement and institutional reform.
He also cited the constitutional provisions that granted legislative powers for lawmaking generally and to make laws for “peace, order and good government”.
The workshop also highlighted, with a wide array of statistics, the high cost of non-compliance; root causes of non-compliance while attempting to proffer solutions.
Amidst calls for systemic reforms, Okechukwu Eke, General Counsel at Moniepoint Inc., delivered a keynote presentation focused on the responsibilities of fintechs in consumer protection and financial literacy.
Eke highlighted Moniepoint’s commitment to building a compliance culture that goes beyond mere formalities to drive genuine impact.
“At Moniepoint, we believe innovation in financial services must go hand-in-hand with strong consumer protection and legal responsibility”, Eke stated.
He stressed the unique position of fintechs, which often serve vulnerable populations with low financial literacy, making robust consumer protection paramount.
“Misuse or misunderstanding of products can cause significant financial harm”, Eke noted, adding that legal compliance builds essential trust in digital financial services.
The presentation outlined key legal responsibilities for fintechs, including transparency, data privacy, fair marketing, effective grievance handling and responsible lending.
Other contributions advocated for leveraging technology to embed compliance more effectively.
Suggestions arising from the workshop, supported by Moniepoint’s perspective, included empowering legislative oversight committees with real-time monitoring dashboards linked to MDAs and implementing Digital Compliance Tracking Systems.
These tools, it was argued, would allow for continuous monitoring and reporting, moving away from periodic checks towards a more dynamic and effective compliance regime.
The push for digital solutions aligns with Moniepoint’s drive to ensure that the rapid innovation characteristic of the fintech sector is matched by equally advanced methods for ensuring regulatory adherence and protecting consumers.
The call for enhanced digital oversight complements other recommendations from the workshop, such as regular reviews of legal frameworks to match innovation and strengthened collaboration between regulators like the CBN, FCCPC, NDPC, EFCC, and the National Assembly.
The workshop concluded with a reinforced commitment from legislative leaders, including Committee Chairman, Senator Garba M. Maidoki and Vice-Chairman, Senator Ede Dafinone, to pursue collaborative and innovative solutions for Nigeria’s compliance challenges.
They both averred that leveraging technology and cross-sector collaboration is vital for closing compliance gaps, enhancing oversight, and ensuring that resolutions passed by the National Assembly are fully implemented for the benefit of all Nigerians.