Fintech: Legal and Regulatory Considerations

Nigeria has witnessed an exponential increase in financial technology services in the last decade. This shift in focus from conventional banking practices and financial services can be attributed to a global trend of payment for services and products through an online medium. The Nigeria Inter-Bank Settlement System (NIBSS) in 2022, reported a 613.1% increase in the total volume of transactions carried out on its Instant Payment Platform, to 5.2 billion transactions from 729.2 million transactions recorded in 2018.