Regulation is Key: FG and FinTechNGR Team Up to Combat Online Fraud – In a decisive move against online scams, the federal government of Nigeria has joined forces with the Association of Financial Technology of Nigeria (FinTechNGR). Their shared aim? To put a definitive stop to all online fraudulent activities within the nation. This includes deceptive acts like extracting money under false pretenses. The solution they propose is the implementation of pertinent laws and regulations to address this challenge.
This collaboration was unveiled during a recent social gathering in Lagos, hosted by FinTechNGR. The event was graced by the Executive Vice-Chairman of the Federal Competition and Consumer Protection Commission, Mr. Babatunde Irukera. And to add to the prestige of the occasion, the event was sponsored by the tech giant, Huawei Technologies.
Mr. Ade Bajomo, the President of FinTechNGR, highlighted the importance of regulations in curbing the activities of these online fraudsters. He passionately stated, “We are keenly aware of the transformational power of regulations. As an association, it’s of paramount importance to us.
But the real magic happens when regulations are crafted in collaboration with those in the industry. Such regulations foster a larger, more resilient, and sustainable market. To truly make this vision a reality, it’s crucial that all regulatory bodies respect and adhere to the established laws. Those who strike the right balance will undoubtedly build businesses that are not only successful but also scalable.”
Irukera, during his speech, applauded FinTechNGR for their significant contributions, especially in attracting investments to the African continent. An impressive figure of approximately $2.7 billion was cited, with Nigeria proudly accounting for over 40% of this amount.
Highlighting the essence of regulations, Irukera noted, “The most effective regulations are those that are shaped with the input of industry stakeholders.” He further emphasized the crucial role of the government in bolstering the efforts of FinTechNGR. He remarked, “While FinTech NGR is doing commendable work, they require the backing of the government to fortify their efforts. In every industry, there will always be malefactors looking for opportunities to exploit.
Take loan sharks as an example – the devastation they wreak on individuals by swindling vast sums is immeasurable. A synergized effort with the government can enhance the industry’s landscape, instill greater confidence, and provide a robust support mechanism for businesses.”
The partnership between the federal government and FinTechNGR is a beacon of hope in the fight against online fraud. With the right regulations, collaboration, and government support, the future of online transactions in Nigeria looks more secure than ever.