Rights and challenges impacting the protective framework for financial technology consumers in Nigeria

The rapid growth in FinTech has transformed the financial services sector in Nigeria into one that is more accessible, efficient, and innovative. Yet, this has brought in immense challenges for the protection of consumers within the FinTech ecosystem. The present study focuses on the protective framework of FinTech consumers in Nigeria by exploring their rights and challenges to the efficiency of the mechanisms of the existing regulatory regime. The paper follows a doctrinal approach, taking into consideration the statues, case law, and regulatory policy. It also includes comparisons with the laws of other jurisdictions. Key findings from this research stress how poorly consumer protection laws address such issues: data breach concerns, cybercrime, unauthorized transactions, and open-ended terms of service. It stresses the trade-off between financial inclusion policies and the protection of consumers from abusive practices. The research also evaluates the participation of regulatory bodies including the Central Bank of Nigeria, Nigeria Data Protection Bureau and other stakeholders in implementation for a more robust consumer protection. This research recommends the creation a FinTech Consumer Protection framework that balances innovation with regulatory oversight, enhance digital literacy programs; harmonize existing laws to be more coherent and operational. By addressing these issues, the study hopes to contribute toward a safer and more equitable FinTech landscape in Nigeria that engenders trust and is sustainable.