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The Executive Vice Chairman, the Federal Compettion and Consumer Protection Commission (FCCPC), Babatunde Irukera, has urged financial technology providers to embrace regulations to ensure that they are protected from bad people that infiltrate their system.
Speaking at a FintechNGR organised social meeting over the weekend, Irukera said that fintech platforms are open to abuse but with effective regulations, some bad people in the ecosystem will be fished out.
“For instance, just imagine what the loan sharks are doing to people. If we work together it could strengthen the environment, build confidence and provide additional business.
“The more we engage the better for us and your ideas are what will help. Whether you agree with me or not regulators must succeed in what they do, if you don’t contribute to it, you will be lost but if you have your fingerprint on it we will all benefit from it.
“Beyond thinking about your businesses, think about how to lead globally, think about creating an environment that makes this place a place to go to.
“You incentivize people not only with what you give them but also by what you prohibit. If you get involved with the regulators and they create a regulatory environment that protects businesses in the environment, businesses that need to be here will not find it easier to be here remotely they will be here directly.”
He noted that If the global law will not pay attention to developing a global governance framework, “we have the need and desire to develop a framework that works for us, that protects you.
“There is hardly any of our data hosted here in Nigeria. Why? We have NDPR which is the language with GDPR that prohibits cross-border transfer of data. I remember when we investigated an airline to give us details of their flight departing from Lagos and it is in London, GDPR prohibits us from sending it to Nigeria.
“Nigeria is exactly what it was during the slave era, at the exact point. We were at the extracting point at that time for agricultural produce, minerals, and crude oil and for data, we are still at the extraction point.
“With fintechs, it shouldn’t be. And it’s the regulators and partners that are to ensure that there is a governance framework. Globally, everybody recognises that data is the new oil and we are at the extraction point. “
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