HARVESTING A LEGAL FRAMEWORK IN REGULATING EMERGENT DIGITAL ECONOMY AND FINTECHS IN NIGERIA

Abstract

Financial Technology (Fintech) is one of the numerous engines propelling and sustaining a digital economy. As a matter of fact, cyberspace has accommodated the exploits of entrepreneurs in the process of delivering products and services to customers, often times with great speed and convenience. Nigeria’s digital economy is growing at the speed of the creative minds of its entrepreneurs, notwithstanding the incommensurate growth and development of the incidental framework, including the legal and institutional framework. Subsisting legislations and regulations apply in regulating Fintech in Nigeria, but developing a fit-for-purpose framework to regulate Fintech is important for the safety of the Nigerian cyberspace, for her digital economy to thrive and be globally competitive. The authors therefore argued the need for a legal and institutional framework to regulate the overlaps and a fit-for-purpose framework governing the responsibilities of regulatory bodies to avoid overlaps. The paper, therefore, maintained that the establishment of a one-of-a-kind framework is an option to ease associated and envisaged legal and institutional overlaps.