Regulatory Alerts2019-08-28
The Future of FinTech in Nigeria: Report of the FinTech Roadmap Committee of the Nigerian Capital Market
The FinTech Roadmap Committee proposes a collaborative regulatory framework to overcome significant barriers such as unclear licensing, lack of data access, and an underdeveloped funding structure within the Nigerian capital market. Key recommendations include establishing a centralized regulatory committee, implementing a sandbox environment for testing innovations, and creating a 'FinTech Office' to facilitate investor relations and regulatory compliance. By aligning with global standards for consumer protection and digitizing market processes through RegTech, the Commission aims to foster financial inclusion, attract local investment, and position Nigeria as a leading African FinTech hub.
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