Fintech Regulations In Nigeria’s Digital Environment: Problems & Prospects

Dr Ibrahim Shehu, Senior Lecturer, Faculty of Law, Usman Danfodiyo University, Sokoto

ABSTRACT

The emergence of fintech technology is a vehicle for the transformation of so many economy around the world. It has affected the financial institutions by forcing banks to gradually migrate from traditional way of doing business to modern and digital way of doing business. Hence Nigeria is not an exception. The paper identified absence of strong legal and regulatory framework as one of the challenges affecting fintech in Nigeria. lacks of trust, issue of data protection and cyber security are also part of some of the challenges faced by fintech. The paper further, recommend the need for legal and regulatory framework for fintech technology in Nigeria.