Nwanneka Ezechukwu started her doctoral research at the Law School in April 2014. Her research covers consumer protection in the use of innovative financial/payment services. Specifically, her research focuses on the suitability of the consumer regime in the existing regulatory framework for mobile payments in Nigeria. Her research is supervised by Prof. Peter Cartwright and Mr. Richard Hyde.
Nwanneka holds an LLB (Hons) from the University of Abuja, Nigeria. She also holds an LLM (with distinction) in International Commercial Law from Cardiff University. She is also a first class graduate of the Nigerian Law School and has been called to the Nigerian Bar.
Nwanneka has previously worked in law firms in Nigeria where she was involved in active litigation practice. Her areas of expertise involved corporate law, property law and arbitration.
The purpose of this research is to consider whether the present legal/regulatory framework for mobile payments in Nigeria is one that will inspire consumer confidence and ultimately encourage… read more
The purpose of this research is to consider whether the present legal/regulatory framework for mobile payments in Nigeria is one that will inspire consumer confidence and ultimately encourage consumer acceptance.
Mobile payments (m-payments) generally refer to the use of mobile devices to conduct payment transactions. It sits at the crossroads between mobile communication and financial/payment services. M-payments have gained attention around the world and particularly in emerging markets because of its potential to encourage financial inclusion and reduce dependence on cash based transactions. It is expected that mobile devices will provide a practical and cost effective channel for extending basic financial services to unbanked persons. While m-payments are expected to develop rapidly in emerging markets, there are wider implications involved in adopting them. The issues raised by M-payments cover broad subject areas that will potentially affect socio-economic, legal and regulatory policies. In the legal world alone, it raises a wide spectrum of issues such as privacy, security, consumer protection, tax evasion, money laundering, intellectual property, competition, cyber crime, legal recognition of e-transactions, etc. Narrowing it down to consumer policy, it will raise issues on data protection and security, allocation of liability for unauthorized transaction, unfair contract terms and misleading advertisements amongst others.
Unlike in developed nations where there are well established laws to deal with these issues, many developing countries are constrained by the underdevelopment of effective regulatory frameworks that maintain financial integrity and consumer protection. These factors may prevent m-payments from reaching its full potential. It is thus not surprising that there is a growing consensus that appropriate legal/ regulatory frameworks ought to be developed in countries seeking to adopt m-payments. Such frameworks must be based on effective consumer protection and efficient risk allocation.
In recognition of the fact that consumer protection is a critical function of regulation and that consumer adoption of m-payments, despite its touted benefits, may be seriously hampered by the lack of a clear framework for protection, the main object of my research is to investigate if the regulatory/legal framework for m-payments in Nigeria is effective in protecting the consumer. My research is heavily premised on the belief that consumer confidence is paramount in regulatory regimes as this will influence consumer willingness to adopt innovations.