The idea that regulations must catch up to technological innovation has been a recurring topic of discussion. Over time, the tech ecosystem has always been on the receiving end of regulators’ sanctions, levies, unfavourable policies; however, with the growth of the tech ecosystem, the government has become more interested in developing the sector, and has launched the “Nigerian Startup Bill”
In a panel discussion at the GAT Summit that took place at the Oriental Hotel, Victoria Island Lagos Thursday, with Mohammed Ibrahim Jega, Co-founder, Domineum Blockchain Solutions Ltd, Bukola Olutayo, CEO, Stellas Bank, Jeffery Williams-Edem, Fintech and growth expert, Bola Ajomale, Former MD, NASD Plc and Wiilliam Phelps, Investment Manger, Adaverse, themed Regulating for the people – the role of governance in innovation, innovators noted some of the ongoing issues around untying the regulatory knots in the space.
According to Stellas Bank CEO, Bukola Olutayo, the main issue with regulations is the industry regulators’ inability to keep up with the growing pace of the ecosystem.
Using Stellas Bank as an example, he claims the company has grown tremendously in the fintech space, so industry regulators need to understand this growth.
Regulations should become more adaptable and “outcome-based”.Bukola Olutayo, Managing Director, Stellas Bank
Another challenge mentioned by these innovators is the lack of communication between all the parties.
These difficulties are particularly evident when issuing regulatory policies. This lack of understanding and clarity has also hampered the implementation of these regulatory policies.
While some industry regulators are attempting to balance the regulations, some entrepreneurs are far too aggressive to keep up with these regulations.
All industry players agreed in a collective suggestion that regulators should shift away from the traditional policy method and toward a more advanced structure.
In addition, increased collaboration is the primary way for both parties to participate in the ecosystem.
Finally, panellists agreed that there is a need for a union for all tech players in the industry because it will aid in collective decision making.
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