Nigeria FinTech Landscape - Impact Assessment
Despite the progress made in the Nigerian FinTech ecosystem, there are
that stakeholders need to make concerted efforts to address (2/9)
Progress
1 Regulator
- Policies
Current gaps
&
Limited regulatory framework for other
FinTech areas such as insurance &
wealth management
■ Restrictive guidelines in sectors such
as Insurance has limited innovation
■ Sectors like wealth management
remain unregulated e.g.
crowdfunding and digital asset
management
■ Unclear implementation guidelines
for existing frameworks like micro-
pension
Limited effectiveness and visibility on
consumer protection guidelines
Opportunities
still
gaps
=0
Develop innovation friendly guidelines
FinTech body/association that interfaces with
relevant bodies/stakeholders e.g NAICOM
on behalf of FinTech to ensure guidelines are
updated as necessary and per sandbox test
period outcomes
■ Review agent banking prices to reflect various
market realities/outcomes
Implementation effective and visible consumer
protection guidelines
■ Creation of targeted campaigns that raise
awareness of relevant consumer protection
policies e.g. visible warning list on
investments etc. on the CBN/CPC website
and resource bank that provides materials for
sharing within personal networks
■ Creation of a financial ombudsman service
by CBN that enables easy resolution of
financial complaints for customers
SOURCE: Expert Interviews, Press Search
EFINA
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