Enhancing Regulatory Compliance in the National FinTech Ecosystem: A Centralized RegTech Approach

Authors

  • Nefishetu Faith ALIU Department of Computer Science, Auchi Polytechnic, Auchi, Edo State, Nigeria
  • Abdullahi Braimoh IKHARO Department of Computer Science, Edo State University, Uzairue, Edo State, Nigeria
  • Abayomi Joshua JEGEDE Department of Computer Science, Edo State University, Uzairue, Edo State, Nigeria

Keywords:

Artificial Intelligence, Central Bank of Nigeria, Financial Technology National Financial Ontology

Abstract

This study looked at a centralized regtech approach to improving regulatory compliance in the national financial technology ecosystem. The study's specific goals are to design a FinReg/FinTech ecosystem using the new National Financial Ontology (NFO) model and investigate the issue of information overload using a cost effective algorithm in the program. This was tested using the big O time notation to show that the size of the data does not affect processing time. Centralization of regulatory technology (RegTech) is a crucial method to strengthening regulatory compliance and control in the fast evolving financial technology (fintech) sector. The Object-Oriented methodology (OOM), which focuses on encapsulating the behavior and structure of information systems into compact modules, is the approach used in this study.

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Published

2024-10-28

Issue

Vol. 12 No. 2 (2024): Journal of Science and Logics in ICT Research

Section

Articles