Nigeria’s fintech sector, recognised for its innovation and role in promoting financial inclusion, faces significant challenges that threaten its growth.
Despite its importance for economic development, industry leaders are increasingly concerned about rising obstacles.
To tackle this concern, Davidson Oturu, a legal expert, is set to unveil “Fintech Law and Practice in Nigeria,” a comprehensive guide aimed at helping fintech firms navigate the intricate regulatory environment.
The book addresses various challenges, including escalating cybercrime, poor internet infrastructure, financial illiteracy, and regulatory uncertainty.
Read also: Nigerian fintechs lead African peers as funding falls by 77%
“Fintech’s potential is vast, but navigating regulatory complexities is crucial,” Oturu stated. “My book will empower stakeholders to overcome hurdles and drive sustainable growth”, he said.
Oturu highlighted several impediments to fintech innovation, such as inadequate internet access, high data costs, user experience challenges, limited rural financial services, and a general lack of trust. Compounding these issues are regulatory uncertainties, frequent policy changes, and the increasing threat of fraud and cybercrime.
The book aims to clarify Nigeria’s fintech regulatory landscape by providing practical compliance advice, showcasing success stories, and exploring future trends.
It also examines the roles of key regulatory bodies, including the Central Bank of Nigeria (CBN), the Nigerian Data Protection Bureau (NDPB), the Federal Competition and Consumer Protection Commission (FCCPC), and the Economic and Financial Crimes Commission (EFCC) in ensuring consumer protection and sector stability.
A critical focus of “Fintech Law and Practice in Nigeria” is data privacy, particularly concerns about fintech misusing customer data without proper consent.
The book discussed interim regulations from the FCCPC and regulatory actions taken by NITDA, FCCPC, and EFCC to address these issues.
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