CIO Zone opinion

Regulations Should be Strengthened for Fintech Growth in Nigeria

Tayo Ovisu (Pago)

 

 

Regulations should be strengthened for fintech growth in Nigeria

 

SEYE JOSEPH

Following the thriving disruption financial technology continues to pose to the financial institutions in Nigeria, the Central Bank of Nigeria [CBN] has been advised to view regulations and effective policies as panacea that will allow the sector to build strong financial empire for Nigeria.

The founder and CEO of Pagatech Limited, Tayo Ovious made the assertion that government should have regulations that will ensure effective running of the sector with modern innovation and technology.

According to Oviosu, government should have regulations and policies that must be enforced and punish people that flout the regulations.

“Companies should be punished for flouting the law because there is a reason why there is a law and regulation”.

He pointed that regulatory overlapping in the financial technology sector should be avoided in the country, which may constitute a bottleneck. “There should be a firm clear regulator that regulates all the companies”, Oviosu offered.