Over the years there has been talks of amendment on the 2007 Act of the National Information & Technology Agency (NITDA).
Over the years the bill that brought NITDA into existence back in 2007 has been referred to as outdated and in need of major changes as Nigeria has become one of the largest players in FinTech Venture capital startups as it is the home to big players like Flutterwave, Jumia & Interswitch.
To keep us with the pace of development, the bill was amended and we have a sneak peak of what it looks like.
This amendment was suggested by Kashifu Inuwa Abdullahi; NITDA Director-General back in March with the purpose of “being friendly” towards start ups in the Fintech Sector.
Here’s what the new bill entails:
Section 17: states that the company must submit it annual financial report on the 30th of September to the minister, and any adjustment made must be sent to the National Assembly through the minister for approval.
According to section 18: the companies is to submit a report detailing its activity for the pervious year on the 30th of June to the Minister. (That is the report of 2020 will be submitted on the 30th of June 2021).
Also, the agency can only apply for loans with the permission of the minister.
Failure to adhere to these new rules attract fines of 3 million for individuals or 1 year imprisonment, and 30 million in the case of corporate bodies.
To read the full Bill click https://drive.google.com/file/d/1fOTMidYbICS10aIwWpjdDdgyCBhGUNM7/viewhere
This amendment will cripple the FinTech sector in the country.
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