The State of Play on Tech Regulation in Nigeria
In this piece, Daniel Ifechukwude, ACA, FMVA® Ifechukwude examines the state of the technology ecosystem in Nigeria and how regulatory evolutions are affecting the state of play. From the ban of motorcycles in Lagos to cleaning cryptocurrency exchanges off the Nigerian banking system to the pause on use of BVN for fintechs to validate users, there has been one constant: regulatory change is coming with high voltages and if care is not taken, the fuses on business missions could be blown.
Then, from looking at the regulatory paralyses, Dan provides a roadmap:
-Increased need for regulatory modelling and forecasting
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-Increased need for ‘co-opetition’ amongst tech companies
-Increased need for lobbying and presence of political heavy-weights on their Boards
He concludes thus: “There are several arguments that suggest that regulation stiffens innovation. As this gradually appears to be the case in Nigeria, there is now a heightened need for Fintechs to approach things differently. Paul Tudor Jones noted that we must adapt, evolve, compete, or die.” Possibly, with some suggestions from Dan and other stakeholders, Nigerian tech sector will EVOLVE, not die.
