Yunus Adelodun Esq.
O. M. Oyabambi Esq.
Undoubtedly, the acceptance of FinTech in Nigeria has served as a catalyst for economic transformation, and a boost to commercial participation and partisanship. Businesses are now seen from a different perspective, inherently paving way for creativity and young entrepreneurship.
Statistics show that the Fintech industry raked in $293.2m in the first quarter of 2021, with over 70% percent realized from foreign direct investment, these numbers have even doubled since 2021. The growth of Fintech in Nigeria is capable of placing the Nigerian economy and market at the forefront among other economies in the world.
However, in other to achieve this feat, the Fintech industry needs to be appreciated and addressed closely, especially in terms of regulation and roles identification. Data control, processing, and exchange are highlights of the Nigerian fintech industry, there is a need to address the underlying legal issues and caution key players to act ‘ex abundanticautela’.
The nature of services rendered by these FinTech companies requires access to highly confidential information of customers and ef ectively triggers data protection regulations. Mismanagement or negligence of this confidential information (including personal data) by the companies is highly detrimental and may result in huge fines or sanctions.
This work examines the role of Data Controllers in Fintech companies, especially in terms of regulatory compliance and security. In addressing this, we among others, consider how the breach of personal data could be handled vis-a-vis various relevant applicable extant laws.
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