Stakeholders advocate for strong law to regulate Fintech
Stakeholders in the business and justice sector have called for a strong law to regulate new innovations in Fintech to safeguard citizens and growing investments in the sector.
The stakeholders while speaking at the Punuka Annual Lecture, 2021 edition tagged ‘Fintech, Crypto and Frontier Technologies in Trade; Prospects and Legal Challenges,’ acknowledged emerging issues in the area and called for strong regulation.
Some of those who spoke at the event include Minister of State for Budget and National Planning, Prince Clem Agba, Associate Professor, the University of Wisconsin in the USA, Charles Von Simson, Senior Partner at Punuka Attorneys and Solicitors, Chief Anthony Idigbe, SAN and Managing Partner of Punuka, Mrs. Elizabeth Idigbe.
The guest lecturer of the event, Prof Von Simson applauded the milestones so far achieved by Nigeria in the fintech space but advised that stable coin users are at the risk of both financial and systemic loss, because of the economic power of the currency.
Simson posited that while the Fintech Crypto Currency has many laws, the world and indeed, Nigeria, who has made significant progress in this area requires a strong crypto law that will protect this emerging market.
On his part, Clem Agba said that with all the measures put in place by the Federal Government, especially with the repositioning of the budget calendar back to January to December, which culminated in the recent launch of the National Development Plan, the Nigerian economy is on its way to a strong revival as millions of jobs will be created over next five years with the Fintech and crypto currencies playing a big role in the nation’s economy.
Convener of the event and Senior Partner at Punuka Attorneys and Solicitors, Chief Anthony Idigbe, SAN, declared that technology has affected all sectors of all nations including Nigeria, adding that there is therefore, the need for proper regulation for the Fintech Crypto market on one hand, and to protect Nigerians and their investment.
He harped on the need for players in the field to not only understand what they are getting into, but to also legally do so as to be able to navigate the various risks associated with it.
The Managing Partner of Punuka, Mrs Elizabeth Idigbe in her welcome address, said that traditional banks have seen a great change since the introduction of technology into the banking world, with many banks today having their own mobile and saving applications, while digital payment has surged more than fivefold since its introduction.
