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.
In this article, Davidson Oturu, Hannatu Dan-Habu and Kanyinsola Ojeshina examine some of the FinTech regulations in Nigeria that have recently been introduced by the regulators.