There is a need for laws that would govern the operations of digital lenders in Nigeria as a whole. Nigeria’s lawmakers must learn from other countries that have enacted legislation, to address the emerging challenges of the Fintech industry.
Insurtech is a relatively untapped technology sector in Nigeria. The insurance industry is still in a state of inertia. This current state of the insurance industry requires the involvement of agile insurance technology companies, to introduce innovative ideas.
From the foregoing, the possibility of SIM card recycling being stopped is highly unlikely. To prevent a SIM card from being recycled, always keep the SIM card active, load airtime and make calls on it.
It is expected that relevant government agencies collaborate with the National Insurance Commission (NAICOM), to develop necessary guidelines that will guide insurance organizations in the issuance of Cyber insurance policies, pursuant to section 7 of the NAICOM Act.
Over the past decade, the Nigerian telecommunications sector has witnessed remarkable expansion, boasting over 191 million active users today. In Nigeria, telecommunications, primarily facilitating communication via calls and text messages, falls under the purview of the Nigerian Communications Act of 2003, which instituted the Nigerian Communications Commission for regulatory oversight.
The year 2021 was filled with several occurrences that drew attention to Nigeria’s cybersecurity space, and the need for a more pragmatic approach in pursuing Nigeria’s cyber security.
