Mr. Babatunde Irukera, executive vice chairman, Federal Competition and Consumer Protection Commission (FCCPC) has urged financial technology providers to embrace regulations to ensure that they are protected from bad people that infiltrate their system.
Speaking at FintechNGR organized social meet 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 finger print on it we will all benefit in 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 that 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 sits in London, GDPR prohibits us from sending it to Nigeria.
“Nigeria is exactly what it was during the slave era, at extracting point. We were on extracting point at that time for agricultural produce, minerals, crude oil and for data, we are still at extraction point.
“With Fintechs, it shouldn’t be. And i
