FG, FinTechNGR Harp on Regulation to Address Online Fraud

Emma Okonji

The federal government, in collaboration with the Association of Financial Technology of Nigeria (FinTecNGR), is set to put an end to all fraudulent online activities in the country, including extorting money from unsuspecting Nigerians by pretence, through enactment of relevant laws and regulations. 

This was disclosed at a social meet organised by FinTechNGR in Lagos recently, to host the Executive Vice-Chairman, Federal Competition and Consumer Protection Commission, Mr. Babatunde Irukera, and powered by Huawei Technologies.

President of FinTechNGR, Mr. Ade Bajomo, who stressed the need for regulation to stem the activities of online fraudsters, started: “We know very well that there is so much we can do with regulation, which is extremely important to us as an association. Any good regulation that is enforced in consultation with industry players will create a bigger, better and more sustainable market. To achieve this, there is need for various regulators and people have to respect the laws of the land and those that balance this very well, will build far more scalable businesses.” 

In his address, Irukera lauded the activities of FinTechNGR in the area of investment in-flow to the African continent, amounting to about $2.7 billion, and how Nigeria is taking over 40 per cent of that amount.  

Irukera emphasised the need for regulation, adding that the best regulation is the one that has the involvement of industry players.

“FinTech NGR needs government support to strengthen what they are doing, because the bad actors will always want to take advantage of the platform to perpetuate evil. For instance, the loan sharks, just imagine the pain they create for people when they steal huge sums of money from them, but collaboration with government, could strengthen the environment, build confidence and provide additional support mechanism for businesses,” Irukera said.