International investors in Nigeria's financial industry criticized the inconsistent laws issued by the Federal Government, FG, over the weekend, claiming that they discourage foreign investors from investing in Nigeria.
This is despite the fact that they pointed out that Nigeria is afflicted by several laws and regulations imposed by the primary financial regulatory body, the Central Bank of Nigeria, CBN, and the other arms of government.
According to Simon Lee, CEO of Tripeak, a Hong Kong-based Fintech business, investors are afraid of making large investments in Nigeria owing to the shaky status of laws and regulations, which might result in investments going up in flames.
Lee made the remarks in Abuja during the African Financial Market Conference (AFMC 1.0) themed: demystifying Africa's digital markets.
According to him, in order for a country to flourish, production must rise. To accomplish so, you must essentially do more tasks in less time. So, when we speak about revolutionizing the Nigerian market, we're talking about making things more efficient and getting more done in less time.
“With our Fintech technology, we create a smooth conduit for Nigerian people and merchants to access the global financial market.” The earlier they can enter the market and obtain a better pricing, the better the outcomes they will have in terms of productivity increase.
“I've been to Nigeria three times, and the impression I've gotten from the individuals I've spoken to is that the rules and regulations are quite conflicting.” For example, the CBN may say one thing, the legal department may say another, and the President may say yet another. So there are all these opposing opinions in the media and social arena, and when there is this much uncertainty, people don't know what to do.
“So, even though the regulations are rigorous and difficult, if they are made extremely plain and precise, individuals may move forward.” They will be aware of what to expect. People will not be concerned that the regulations will be changed in a few months and all investments will be lost.
MEANWHILE, Amarachi Ihechirimadu, Director of Tradelandfx, stated that Africa lags behind other continents in terms of technology, and that “Tradeclandfx has come to Africa to teach and explain to people of Africa the opportunity for every young African to become independent by investing in the global financial market.”
“Now, when you Google Africa, you find a lot of impoverished people, hungry people, the standard of life and cost of living is so low, there's inflation, and so on.” So it's all about compound interest and opening up new revenue streams.
“So, that's why commerce and currency came to Africa, and why we've held this conference.” Many individuals are perplexed when they hear the term “financial market,” “digital finance,” or “FinTech.” And, in the case of foreign exchange, many have been bitten not once, but twice, because they have given their money to others to trade on their behalf. But now, technology has made it so simple.
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