Authorities want Fintech operators to adhere to regulatory framework



Federal Competition and Consumer Protection Commission (FCCPC) has called on Fintech operators to adhere strictly to regulatory guidelines and partner with regulators in their operations for more global impacts.

FCCPC, in its official handle on Thursday, said that the Executive Vice-Chairman of the commission, Mr Babatunde Irukera, made the call at a meeting with the operators.

Irukera said that the partnership with regulators and policy makers would help increase the country’s investments.

“If the country is capturing 40 per cent of 2.7 billion dollars in investment, imagine what she will do when you partner with regulators and policy makers.

”Fintech is not just the present, it is the future. Fintech is transactional; it is the greatest instrument of financial inclusion.

”If the operators do not get together with regulators and policy makers to define what is best for all of us, it will soon become more sensible for businesses to just cite themselves across the border.

”These businesses could begin to explore the market because it is a free trade area.

”You cannot keep talking about what the regulators have not done right, but you have to get down with the regulators to create a regulatory environment that protects businesses,” he said.


Please enter your comment!
Please enter your name here