Mr. Seun Dania, the Founder and Chief Executive Officer of Tradefada, a fintech platform has posited that some forms of regulation for the Fintech space in Nigeria will give citizens, businesses (both local and international) the confidence to participate legitimately.
Mr. Seun, whose Tradefada platform is an advanced and easy-to-use Nigerian cryptocurrency mobile application for buying, selling and exchanging Bitcoin, however noted that such government regulations must be citizen focused.
“Yes, I do subscribe to some forms of regulation of the Fintech space. Regulation is key; however, the regulators need to be trusted by the people for regulation to work,” he responded to ITPulse’s query whether there should be regulations for the fintech players going by the avalanche of invasion of privacy going on.
He urged the Nigerian government to build think tanks who will go back to the drawing board and come up with out-of-the- box reasoning to project Nigeria forward, stressing that the country’s challenges are unique and hence need deliberate thoughts and efforts to regulate and overcome them.
The Fintech enthusiast also believes that the Fintech space needs to be well researched, appropriate laws/bills should be passed and continuous monitoring must be available to keep up with the ever-changing tech space.