Following the speed with which digital technology is transforming the global payment landscape, it appears that Nigerian regulators are finding it hard to match up with the trends and time.
This was the submission of a development economist and chief executive of SFS Capital Nigeria Limited, Patrick Ilodianya in an interview.
He observed that while investment scene seems to be lagging, “Tech is a double edge sword. It makes investing easier, but it also makes fraud easier. Most of the rules and regulations become obsolete as tech changes. It is very important for industry players to carry the regulators along. “Fortunately, the Securities and Exchange Commission has done a great job so far in trying to keep up to date. For instance, the entire system of listing and trading of shares has been made completely obsolete with tech. However, the system needs to move slowly to protect all investors.
“Tech also makes investing easier. Industry players are encouraged to invest in understanding the merits and demerits of tech. There is no shortcut really. The increase in the usage of smartphones, the integration of mobile apps and the huge population of tech-savvy youths provide the opportunity for a boost in the investment landscape in Nigeria.
