Zenith Bank Tech Fair 2023: Dr. Blaise Ijebor Speaks on Regulation And Standardization in Nigeria Tech And Payment Space
At the Zenith Bank tech fair 2023, themed “Future Forward 3.0”, the Director of Risk Management, Central Bank of Nigeria, Dr. Blaise Ijebor spoke on the topic, “regulation and standardization in Nigeria’s tech and payment space”, sharing valuable insights.
During his speech, he disclosed that the fintech eruption going on in Nigeria comes with a high risk, of which one of the major risks is fraud, which is rapidly growing.
Dr. Blaise disclosed that for Nigeria to experience tremendous growth in its Fintech industry, it needs good regulation, noting that investors would not want to invest in an industry that is not well regulated, due to the high risk involved.
He further gave recommendations for effective regulation and standardization of the Nigerian Fintech space.
These include;
Collaboration and Coordination
Regulators should collaborate closely with industry stakeholders, including fintech companies, banks, and technology providers to develop regulations that are practical, effective, and conducive to innovation.
Cybersecurity and Data Privacy
Regulators should prioritize the establishment of robust cybersecurity and data privacy standards to protect consumers and businesses.
Interoperability
Efforts should be made to promote interoperability among different payment systems and technology platforms, enabling seamless transactions and improving financial inclusion.
Education and Awareness
Regulators should invest in educating consumers and businesses about the benefits of regulated digital payment solutions, as well as the risks associated with unregulated or poorly designed systems.
Dr. Blaise went on to highlight the challenges in the Nigerian tech and payment space, which are;
- Cyberthreats
- The establishment of interoperable payment systems.
- The development of clear standards for emerging technologies such as blockchain and cryptocurrencies
- The ability of regulators to adapt quickly to new developments while balancing innovation with consumer protection.
Finally, he spoke on the enormous opportunities in Nigeria’s tech and payment space which include; Promotion of trust and confidence in digital payment systems, Attract investments, Foster the growth of new innovative solutions, and Create a level playing field for all participants. which can encourage competition and drive further innovation.
