AN EXAMINATION OF DATA PROTECTION LAWS IN NIGERIAN FINANCIAL TECHNOLOGY

Abstract

This research examines the regulatory issues inherent in financial technology (FinTech) in Nigeria. Employing the doctrinal research method, this study extensively relies on primary and secondary sources such as textbooks, journals, statutes, newspapers, and other relevant materials. Its objective is to decipher the consumer protection policies applicable to users of financial technology. This work discovers that FinTech is an upcoming option in the Nigerian financial space, and the rate of its adoption and utilization is enormous. Furthermore, this work explores the prevalence of consumer-related protection issues and data exposure. It aims to determine whether the current legal framework is adequate to address these challenges. This work identifies that Nigeria lacks a dedicated regulatory framework exclusively designed for FinTechs. Instead, a multitude of regulatory policies that govern specific areas in which these FinTech companies operate exist. The work further finds that the major regulatory regime that protects the FinTech industry in Nigeria are numerous. This research interrogates the effectiveness of these legal and institutional frameworks concerning privacy and data protection in Nigeria. The work discovers that the major challenges inherent in this field particularly relate not to the strength of these regulations but rather to the enforcement of their provisions. The research recommends that the efficient enforcement of these laws will enhance consumer safeguards and promote a trustworthy and secure environment for FinTech users. This research concludes that the protection of user data is vital in ensuring a secured environment in the financial sector.

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urn:uuid:91003e4d-a4ca-4dd1-a43e-4fd16a65058c