SEC Plans to Regulate the FinTech Industry The Nigerian Government is once again reiterating its determination ouvrir coque huawei y5 to regulate FinTechs and their coque huawei ascend mate 7 ebay products. Speaking at a lecture in Abuja, Acting Director of the Securities and Exchange Commission (SEC), Mary coque iphone xr carre Uduk, shared that regulating FinTechs is a good thing. Regulating these startups and their products is to help transition the coque huawei p8 lite om country into a technology driven country, she said. iphone 11 case “We are very much interested in some of the most active areas of FinTech innovation coque huawei y6 cdiscount like blockchain technology, cryptocurrencies and how they affect investors.” “Very soon, the whole world will move to technology for regulation,” she said. coque huawei “Other jurisdictions have already gone far into it with some of them already amending their rules in that direction.” The net benefit will coque huawei p8 motif increase investor confidence and protect investors in the capital market. custom iphone 11 case Still No Direction on FinTech Regulation There’s still no information about how she plans coque iphone xr nasa to regulate the startups. In fact, she sounded coque huawei p20 lite verre trempé rather cautious about what actions will be taken. She emphasized the need for regulators to understand more about FinTechs before they take action. “If we will regulate this market and understand what is happening, we need our staff to understand the rudiments of FinTec”, she said. But she was quick to advise the country to move quickly and not be left out. coque samsung She revealed that the “International Organisation of Securities Commissions is on it and there is a lot on it already all over the world.” Talk of Regulation Not New This is not the first time a high ranking government official has spoken out about regulating FinTechs. coque iphone 5 Since January last year, the CBN intermittently brought up the idea. FinTech in Nigeria is . coque huawei Its like fraud is in our peoples DNA. coque samsung He called them a and shared that a coque coque iphone xr antichoc rose huawei y6 2017 mandala decision to regulate the product would be announced “soon”. coque iphone 6 It’s been a month since, yet no announcement has been made. coque iphone Also, in July, the CBN shared it was working on otterbox coque iphone xr a draft verrouillage par fermeture de coque huawei with measures on regulating FinTech companies. According to Mr. Dipo Fatokun, Director at CBN’s Banking and Payments System Department, coque huawei p8 lite charo this would not kill FinTech innovation. coque iphone Rather, it aims to increase collaboration in the finance sector. However, nothing is yet to happen. coque iphone 7 What Happens if FinTechs are Regulated Now, the Nigerian Government has been lax, uninformed, and uncoordinated about FinTechs, generally. coque iphone x Banks in Nigeria only give loans to the rich, coque huawei p8 lite 2017 joker don want telecoms to prosper with mobile money and are now complaining that FinTech is eating into their market share. iphone 11 case Yet, the CBN and other regulatory coque huawei p8 lite valentino rossi bodies are scheming (or not) about several measures that could affect these coque huawei y5-2 companies. coque huawei For instance, FinTechs have long enjoyed the relatively free direct access to consumer markets. Unlike traditional banks and other financial institutions, FinTechs are not restricted by (many) regulatory laws. A company can develop a ebay coque huawei p8 lite product, get investors and push its products onto the marketplace. This has helped to so far simplify the payments space. Fintechs involved in payments processing only have to worry about a few licenses and nothing more. coque iphone Whereas any proposed government regulation would invariably limit this quick access to the market. Of course, it would make it harder for dubious products coque iphone xr tigre to launch. But at the same time, coque huawei y6 lapin it could drastically limit the pace of innovation in the largely conservative finance sector. Some old MFBs in Nigeria are acting like the Mafia loan sharks. iphone 11 case amazon/a> This is the only time that coque huawei p9 waterproof I will advocate for active regulation. These coque huawei p8 lite 2015 licorne people marvel coque iphone xr are the problem and NOT companies trying to get MFB licenses to survive the stranglehold of commercial banks. bracelet bijoux coque samsung As said above, the various Nigerian regulatory bodies have coque huawei 13mp no qualms with FinTechs. Neither coque huawei p8 lite style are they looking to cripple their innovations and growth. However, only coordinated and widely consulted regulations should be placed on FinTech companies.