Fintech Insight Event: Safeguarding Trust, Navigating Consumer and Data Protection for Fintechs
The Fintech Insight event hosted by the Center for Law and Innovation brought together over 20 participants, including industry experts, lawyers, and young practitioners, to examine the critical role of consumer trust in fintech. The event featured Lukas Bühlmann from MLL Legal Ltd, Switzerland; Chris Songa from the National Bank of Rwanda; Elvis Kwizera, Program Associate at the Center for Law and Innovation at Certa Foundation; Consolata Nakure, Human Resources Director & Project Manager at Rwanda ICT Chamber, and Oyin Olusesi, the Data Protection Officer at Kora, Nigeria, aa African fintech company. The event was moderated by CLI’s Cynthia Isimbi Nkusi.
Consolata Nakure opened the conversation by highlighting the disconnect between fintech’s rapid growth and the slower pace of policy adaptation. She described this as a “catch-up game” for companies navigating evolving regulatory landscapes. Adding to this, Chris Songa emphasized the importance of consumer protection education in Rwanda, noting that many users still lack awareness of their data rights. He underscored the responsibility of fintechs to foster transparency and bridge this knowledge gap, building a culture of trust.
Transitioning from the local to the international perspective, Lukas Bühlmann shared insights into cross-border data protection, underscoring the importance of fintechs understanding regional compliance standards. As fintech companies expand and integrate AI, he stressed the need for clear accountability: “We have to know who is the last person in the room.” This, he explained, is crucial to maintaining control and safeguarding data in a rapidly advancing digital landscape.
Elvis Kwizera then connected the conversation by addressing the unique regulatory challenges fintechs face in emerging markets like Rwanda. He pointed out that navigating complex regulations around data privacy and financial compliance is essential for fostering innovation while safeguarding consumers. Oyin Olusesi expanded on this by discussing the specific struggles of early-stage fintech startups, particularly the high costs associated with regulatory licenses and compliance. He emphasized that as these companies grow, they need to develop a robust compliance culture and seek comprehensive legal guidance to navigate the complexities of the regulatory environment.
Closing the discussion, the panel reinforced that consumer trust must remain a priority for fintechs, achievable only through transparent practices and active consumer engagement. As one speaker noted, “Fintech is here to stay”—a powerful reminder that trust and security will be the foundation of its future success as the industry grows.