Stakeholdersin the information and communications technology and financial technology have tasked regulatory institutions in the sectors on providing appropriate regulatory framework for technological disruption of traditional ways of services in the country.

They urged Central Bank of Nigeria (CBN) and Nigerian Communications Commission (NCC) to rise to the task of providing the much needed regulatory framework required for Nigerians to benefit from the waves of technological disruption of banking services among others occasioned by mobile phone based services.

This is coming against the backdrop of emergence of FinTech startups providing banking services through smartphones as well as CBN outright rejection of cryptocurrency in the country instead of looking at regulating it.

Tilman Ehrbeck, partner at Omidyar Network – a venture capital firm supporting Financial Technology companies such as Paga, Flutterwaves, Andela among others, told Nigeria CommunicationsWeek that technology is changing which allows very new things to happen, that has a lot to do with the spread of mobile phones.

“Increasingly, people have smartphones and they can connect in a number of ways and doing a number of things which previously wouldn’t have been feasible.

“So, technology is disrupting our life in general.

The way we book travel, the way we take taxi, the way we do all sort of things, technology is disrupting that. It has also created opportunities to modernize financial services.

“Regulators have a number of objectives in the financial system that they have to keep in mind.

They want the financial system to be stable, they can’t afford instability, distrust into the system after all,” he said.
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