Nigerian blockchain executive Patrick Okechukwu used the high-profile NCMI/SEC Compliance Summit 2025 in Lagos to deliver a sharp warning to African regulators that restrictive crypto regulation risks driving innovation, capital and high-growth fintech startups out of the continent’s largest economies.
Speaking at the summit organised by the Nigerian Capital Market Institute in partnership with the Securities and Exchange Commission Nigeria, Okechukwu argued that African governments must urgently rethink how they regulate blockchain, cryptocurrency and digital finance if they want to remain competitive in the global financial technology race.
The event, held under the theme “Innovation and Compliance: Balancing Growth and Opportunities,” brought together regulators, compliance specialists, fintech executives, policymakers and financial market stakeholders as Nigeria intensifies efforts to formalise oversight of its rapidly expanding digital asset sector.
At the centre of the conversation was a growing policy dilemma facing African governments, how to regulate one of the world’s fastest-growing fintech ecosystems without crushing the innovation driving it.
“Regulation should not be a wall,” Okechukwu said during the panel discussion.
“It should be a bridge that connects innovation to trust, and trust to mass adoption.”
The remarks landed at a pivotal moment for Africa’s digital economy.
Africa has emerged as one of the world’s fastest-growing cryptocurrency markets, driven largely by currency instability, limited banking access, rising mobile penetration and demand for cheaper cross-border transactions.
Nigeria consistently ranks among the world’s top countries for crypto adoption despite years of regulatory uncertainty. Millions of Africans now use digital assets for remittances, savings, business payments and inflation hedging, even as regulators across the continent struggle to build coherent policy frameworks around the sector.
Okechukwu, founder and chief executive of Cryptofy Digital and managing director/chief executive of Cherokee Digital Bank, argued that rigid compliance systems could undermine Africa’s ability to compete globally in financial innovation.
“Overly rigid regulations risk stifling innovation and pushing promising fintech and blockchain startups out of the country,” he said during the summit.
His proposals included broader use of regulatory sandboxes, simplified licensing systems and sustained engagement between policymakers and technology founders.
According to Okechukwu, regulators must evolve from a “restrict-first” approach toward what he described as a more collaborative “collaborate-and-guide” framework capable of balancing investor protection with innovation.
The debate comes as African fintech investment remains one of the continent’s strongest-performing venture capital sectors despite a broader global startup slowdown.
Fintech startups accounted for a significant share of Africa’s venture funding in recent years as investors targeted digital payments, embedded finance, blockchain infrastructure and alternative banking systems aimed at underserved populations.
For Okechukwu, however, the discussion extends beyond startup growth into financial inclusion.
His companies are focused on integrating blockchain technology, artificial intelligence and digital banking infrastructure into financial systems targeting underserved and unbanked populations across Africa and international markets.
As founder of Cryptofy Digital, he has developed platforms designed to simplify cryptocurrency adoption for mainstream users navigating increasingly digitised financial systems.
At Cherokee Digital Bank, a Swiss-domiciled fintech institution with operations spanning Nigeria, Canada, the United Kingdom, Hong Kong, Ghana and Sierra Leone, Okechukwu is attempting to bridge conventional banking systems with decentralised finance technologies.
His broader mission, according to executives familiar with the company’s strategy, is to merge Web2 accessibility with Web3 financial infrastructure to expand participation in the global economy.
“His work is centered on a single mission: bringing global digital banking to the underserved and unbanked,” summit organisers said.
“By merging Web2 accessibility with Web3 decentralization, Patrick is helping to create a financial system where anyone, anywhere, can participate in the global economy.”
The NCMI/SEC Compliance Summit also underscored how rapidly the regulatory conversation around blockchain has evolved in Africa.
Only a few years ago, cryptocurrency discussions across many African policy circles focused heavily on fraud concerns, speculative trading and capital flight risks. Increasingly, regulators are now confronting a more complex reality in which blockchain infrastructure intersects with payments, identity verification, remittances, lending and digital commerce.
That transition is particularly important in Africa, where more than 350 million adults remain unbanked, according to World Bank estimates, yet mobile money and digital financial services continue expanding at some of the fastest rates globally.
Industry analysts say the continent’s youthful population, mobile-first consumer base and fragmented traditional banking systems have created ideal conditions for fintech disruption.
Okechukwu has increasingly positioned himself as one of the continent’s visible advocates for policy environments that encourage innovation while maintaining compliance safeguards capable of protecting users and markets.
His influence has extended beyond Nigeria into broader international fintech and blockchain discussions, where African founders are increasingly demanding representation in global digital finance governance.
The Lagos summit provided regulators and private sector leaders with an opportunity to test whether cooperation between both sides is becoming more realistic as pressure mounts to modernise African financial systems.
“With Patrick’s insights, the conversation shifted toward practical, forward-looking solutions that balance risk management with the need for economic growth and financial inclusion,” organisers said after the event.
The summit also reflected Nigeria’s growing strategic importance in global fintech conversations.
Despite economic pressures including inflation, currency volatility and rising living costs, Nigeria remains Africa’s largest startup ecosystem by venture capital activity and one of the continent’s most influential digital finance markets.
For blockchain operators, the stakes are high.
Countries that successfully balance regulation with innovation could emerge as continental hubs for digital finance infrastructure, while overly restrictive markets risk losing talent, investment and technological leadership to more agile jurisdictions.
“The NCMI/SEC Compliance Summit 2025 highlighted a turning point in Nigeria’s approach to fintech regulation,” organisers said.
“Leaders like Patrick Okechukwu are proving that when builders and regulators collaborate, the result is a safer, more inclusive, and more competitive digital economy.”
“As Africa continues to lead in crypto adoption and mobile finance, Patrick’s work with Cryptofy Digital and Cherokee Digital Bank ensures the continent is not just participating in the blockchain revolution—it’s helping to shape it.”
