A financial technology expert and Managing Director of Stellas Digital Bank, Bukola Solomon, has stated that the industry is capable of attracting huge foreign direct investment into the country if government creates an enabling environment.
“Fintechs generally are on the rise, the world knows that technology is the next oil money. We have seen that foreigners are already positioning themselves to be able to harness that opportunity; we also find out that even the foreigners are coming to Nigeria to invest in companies that are tech-based because they know that this is the next oil money.
He also advocated for a separate regulator for fintech firms that do not have a banking licence to avoid any form of abuse in the industry. “Beyond this, he said the feature ultimately protects the bank’s customers by encrypting their transactions and isolating them from fraudsters,” he said.