Financial Crime World

Nigerian Financial Experts Discuss Innovation, Cybersecurity, and Localization in Regulatory Compliance

At a recent event organized by Prembly, industry figures, regulators, and financial institution representatives came together to discuss the evolving landscape of financial regulations in Nigeria. The following are the key takeaways from the discussion:

The Importance of Innovative Regulations

  • Olufemi Shobanjo, Regulation Head at The Nigerian Stock Exchange (NGX), emphasized the need for regulations that are flexible and responsive to market conditions
  • Regulations must coordinate with financial institutions to create a conducive environment for doing business

Cybersecurity Concerns

  • Kolade Adebayo, Compliance Manager at Nigerian Exchange Group (NGX Group), urged companies to invest significantly in cybersecurity
  • With 90% of African businesses vulnerable to cyber attacks, companies must identify system gaps and employ robust data encryption to combat cyber threats effectively

Localization of Policies

  • Panelists emphasized the significance of improving infrastructure and implementing monitoring systems for protection
  • Substantive engagement and dialogue between regulators and the regulated are vital to create practical regulation designs with feedback in mind

Importance for Startups

  • Startups must thoroughly assess regulatory and compliance requirements before going live to avoid potential issues and reputational damage
  • Conducting vulnerability assessments and implementing strong data encryption measures are crucial to ensure data protection and safeguard against potential threats

Role of Regulations and Compliance

  • Femi Shobanjo of the Nigerian Stock Exchange confirmed that regulations and compliance play a crucial role in enhancing market reputation and fostering customer loyalty
  • Building customer loyalty requires prioritizing compliance with financial regulations

Prembly’s Compliance Tracker

  • Prembly announced its Compliance Tracker, an innovative solution to ensure global regulatory compliance across various bodies
  • Offering compliance regulations and reports from numerous countries, the tracker empowers users to make informed decisions and stay ahead of regulatory requirements
  • Already launched in Nigeria, with plans to extend its reach into Kenya and other emerging markets

Key Speakers

  • Olufemi Shobanjo, Regulation Head at The Nigerian Stock Exchange (NGX)
  • Ayo Adesina, Head of KYC and Due Diligence at Polaris Bank
  • Kolade Adebayo, Compliance Manager at Nigerian Exchange Group (NGX Group)
  • Anthony Aggreh, Capitalfield Financial Management Ltd
  • Adenike Oyetunde-Lawal, moderated the discussion

By promoting transparency and dialogue between regulators and the regulated, this event aimed to enhance understanding of regulation rationales and impacts.