Stakeholders’ Perception on Islamic FinTech Viability in Nigeria

The study explored the viability of Islamic FinTech in Nigeria.The study employed qualitative methodology to extract information using (18) stakeholders that cut across regulators, Shari'ah Board members, and non-interest banks using semi structured interviews.The findings show that, CBN and SEC both play important roles in regulating Islamic FinTech, although they have not released any regulations that specifically address FinTech operation.Moreover, FinTech is being deployed by both Islamic and non-Islamic financial institutions in Nigeria.Highlighting its viable in Nigeria to be the first country to embrace Islamic FinTech in the region.Shari'ah scholars are of the view that there is no different between Islamic FinTech platform, and conventional FinTech; if it does not infringe on the sharia guidelines, while others are of the opinion that FinTech must certified the requirements of Islamic principles.However, ineffectiveness in the contribution of Islamic FinTech is caused by the small number of Islamic banks that have adopted Islamic FinTech and regulators in Nigeria are reluctant to come up with regulation viable for Islamic FinTech, thus prone to illegal FinTech operation in the country.This brings to light the imperative for mitigating Shari'ah non-compliance risks associated with FinTech, necessitating Shari'ah-based FinTech regulations.