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“Governance Framework Mandates for Fintech Operators Set by the FCCPC”

Director General, FCCPC, Babatunde Irukera

The Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera, has called on financial technology providers to embrace regulatory measures in order to safeguard their systems from malicious actors.

Speaking at a social gathering organized by FintechNGR over the weekend, Irukera emphasized the vulnerability of fintech platforms to abuse, highlighting the importance of effective regulations in identifying and addressing bad actors within the ecosystem.

Irukera noted a particular concern related to loan sharks exploiting individuals. He stressed the need for collaboration between fintech companies and regulators to strengthen the industry’s integrity, instill confidence, and promote additional business opportunities. He encouraged active engagement from fintech leaders, acknowledging that their insights would be instrumental in shaping the regulatory landscape.

In addition to business considerations, Irukera urged fintech leaders to think globally and work toward creating an environment that attracts international interest. He emphasized that incentives could be derived not only from what businesses offer but also from what they restrict. By collaborating with regulators to establish a protective regulatory framework, businesses seeking to operate in the region would find it more appealing to establish a direct presence.

Irukera highlighted the challenges related to data governance, revealing that a significant portion of Nigerian data was hosted abroad due to regulatory constraints. He cited the Nigerian Data Protection Regulation (NDPR) and its similarity to the General Data Protection Regulation (GDPR), noting that these regulations posed challenges for cross-border data transfers. He stressed the importance of addressing these issues to prevent Nigeria from remaining solely an “extraction point” for data, comparing the situation to historical exploitation during the slave era.

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In conclusion, Irukera called for the development of a governance framework that caters to the unique needs of Nigeria’s fintech industry. He emphasized that data is the modern-day equivalent of oil and highlighted the necessity for regulators and industry partners to work together to establish a robust regulatory environment and protect the interests of all stakeholders in the evolving fintech landscape.