Nigeria: FG to Implement E-Commerce Regulations and Cyber Insurance

By InstinctBusiness Jul 19, 20240

The Federal Government intends to establish regulations for e-commerce platforms and introduce cyber insurance to bolster security within the digital economy.

According to the National Digital Economy and E-Governance Bill currently under consideration by the National Assembly, the government has mandated the National Insurance Commission (NAICOM) to develop regulations, including provisions on cyber insurance, to enhance the security of electronic commerce.

Section 40 of the bill specifies that NAICOM, in consultation with the appropriate regulatory agency, will formulate and issue these regulations.

These proposed regulations aim to create a structured framework for the operation of e-commerce platforms in Nigeria, ensuring a safer and more secure online environment for users.

As outlined in Section 39 of the bill, the guidelines require e-commerce platforms to provide accurate and accessible information about their operations, including their legal name, address, and contact details.

Furthermore, the platforms must offer clear information about the goods and services they provide, including terms and conditions, payment methods, and refund policies.

“A person using electronic communications to sell goods or services to consumers shall provide information about the terms, conditions, and costs associated with a transaction in a manner that is accessible, concise, and comprehensive to the consumer.

“This includes terms, conditions, and methods of payments, as well as details of and conditions related to withdrawal, termination, return, exchange, cancellation, and refund policy information,” the 54-page document stated.

The bill has passed its first reading in the House of Representatives and is currently in its second reading.

The Minister of Communications Innovation and Digital Economy, Bosun Tijjani, had engaged stakeholders from various sectors to refine the bill’s provisions. The bill’s final draft is expected to be released to the public on July 23, 2024.