The regulation in financial technology in Nigeria is inadequate, this has allowed the players in the industry to take advantage of the citizen who is eager to benefit from the development in the industry, Save the consumers in it finding came across several people who had suffered the inadequacy of the regulations. The central bank of Nigeria has a department looking into financial services but relied on the National information technology development agency to monitor the financial digital platform.
The question that is begging for an answer is, should an App or website be launched in the fintech industry without the knowledge of NITDA and CBN, Nigerians are becoming a tool in the hand of the fintech especially the loan sharks
The loan sharks mostly register a company that may be unrelated to financial technology at the corporate affairs commission and went ahead to develop five loan APP and launch it to take advantage of Nigerians that need petty money within the range of 2,000 thousand Naira to 20,000 Naira.
There is a need to develop a framework that these digital platforms must adhere to in dealing with Nigerians that pays or received monies through this platform, the rate of cyberbullying by the loan sharks is unprecedented, they called friends and relatives of the beneficiaries and named the beneficiaries chronic debtor, wanted debtor. They also share customers’ dates with the third party especially call agents.
Government must be innovative and develop a regulatory framework that will tackle and control the excesses of financial technology, financial digital platform especially loan sharks