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ARTICLE · 08 APRIL 2019

Fintech Regulations In Nigeria - An Overview (Part 1)

AELEX
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Financial technology represents technologies that are disrupting the traditional banking services and revolutionising the financial landscape.

NigeriaTechnology
Davidson Oturu
Davidson Oturu
Hannatu Dan-Habu
Hannatu Dan-Habu
Kanyinsola Ojeshina
Kanyinsola Ojeshina
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By Davidson Oturu,1 Hannatu Dan-Habu2 & Kanyinsola Ojeshina.3

Financial technology ('FinTech') represents technologies that are disrupting the traditional banking services and revolutionising the financial landscape. For example, one can now open a bank account, save, borrow, invest and transfer money over the internet without visiting a bank. FinTech companies are also able to provide core financial products such as mortgages and loans as well as raise funds for charitable causes without dealing with a traditional bank or financial institution

As a result of the rapid growth and popularity of the FinTech industry, regulators such as the Central Bank of Nigeria and the Securities and Exchange Commission are currently exploring ways of regulating FinTech companies operating in Nigeria.

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