Tosin Eniolorunda, the CEO of TeamApt, a fintech startup, assessed the current regulatory environment and disclosed how the company aims to provide financial happiness for banks, businesses and the people.
Assessing current regulatory environment
The banking and finance industry is the backbone of the nation’s commerce and regulation is very important. Regulation should foster growth and control malpractices that will hinder the growth of the industry. One of the ways regulation does this is by licensing players activities. The Apex bank is doing a good work in protecting the industry and ensuring that only serious players with value to offer are allowed in the industry. The methodology today is cash deposit for the period while the license is being granted. This often filters a lot of unserious players but it unfortunately also precludes otherwise nascent companies who do not have the financial muscle. I believe the position of protecting the industry should not be compromised however other ways to encourage serious players without the financial muscle can be encouraged.
Startups can, for example, make a case for an exception if they satisfy these conditions: a year old company and employs more than five Nigerians in the period of 12 months, …read more