Stakeholders in the business and justice sector have advocated for a strong law to regulate new innovations in Fintech to safeguard citizens and growing investments in the sector.
Speaking at the Punuka Annual Lecture, 2021 edition tagged ‘Fintech, Crypto and Frontier Technologies in Trade; Prospects and Legal Challenges,’ the stakeholders identified emerging issues in the area and called for strong regulation.
Some of those who spoke at the event include Minister of State for Budget and National Planning, Prince Clem Agba, Associate Professor, the University of Wisconsin in the USA, Charles Von Simson, Senior Partner at Punuka Attorneys and Solicitors, Chief Anthony Idigbe, SAN and Managing Partner of Punuka, Mrs. Elizabeth Idigbe.
Prof Von Simson who was a guess lecturer of the event praised the milestones made so far by Nigeria in the fintech space but warned that stable coin users are at the risk of both financial and systemic loss, because of the economic power of the currency.
He also stated that while the Fintech Crypto Currency has many laws, the world and indeed, Nigeria, who has made remarkable progress in this area requires a strong crypto law that will protect this emerging market.
Also speaking, Clem Agba said that with all the measures put on ground by the Federal Government, especially with the repositioning of the budget calendar back to January to December, which culminated in the recent launch of the National Development Plan, the Nigerian economy is on it way to a strong revival as millions of jobs will be created over next five years with the Fintech and crypto currencies playing a big role in the nation’s economy.
Convener of the event and Senior Partner at Punuka Attorneys and Solicitors, Chief Anthony Idigbe, SAN, said that technology has affected all sectors of all nations including Nigeria, and there is therefore, the need for proper regulation for the Fintech Crypto market on one hand, and to protect Nigerians and their investment.
He stressed the need for players in the field to not only understand what they are getting into, but to also legally so as to be able to navigate the various risks associated with it.
In her welcome address, the Managing Partner of Punuka, Mrs Elizabeth Idigbe said that traditional banks have seen a great change since the introduction of technology into the banking world, with many banks today having their own mobile and saving applications, while digital payment has surged more than fivefold since its introduction.
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