Impact of financial technology on the Nigerian financial system

29

ABSTRACT

Since 2007, Financial Technology has enjoyed rapid development in Nigeria and same is still on the rise.

Often termed as the ‘new disruptive market force’, FinTech has challenged the traditional means of providing financial services in the country by improving activities in finance such as money transfer, payments, lending and borrowing, investment management and so much more.

The technology has spurred the start-up and maintenance of several businesses, providing easy access to their services and has prompted development in today’s society.

The use of such technological innovation has predicated the need for a framework to maintain stability in the financial sector, to ensure hitch-free operations and prevent the ever-looming threat of cybercrime through its stringent provisions.

The paper examines Financial Technology in Nigeria, discussing extensively; its innovative growth and impact. The paper also briefly discussed the regulatory frameworks governing the sphere of Financial Technology in Nigeria and concluded by recommending the establishment of a cohesive and specific body for regulating FinTech activities in Nigeria.

Contents