The Federal Government is set to establish regulations governing e-commerce operations and cyber insurance for users, as outlined in the draft National Digital Economy and E-Governance Bill currently before the National Assembly. Nairametrics has obtained a copy of the Bill.
Section 40 of the Bill mandates the National Insurance Commission (NAICOM), in collaboration with the National Information Technology Development Agency (NITDA), to develop and issue regulations on cyber insurance to enhance security in electronic commerce.
Sponsored by the Ministry of Communications, Innovation, and Digital Economy, the Bill is currently undergoing public engagement. It includes specific guidelines for e-commerce platforms, particularly in Section 39, which outlines information requirements for sellers.
Sellers must provide accurate and accessible information about their identity, contact details, and clear terms and conditions for transactions. This includes details on payment methods, and policies on withdrawal, termination, returns, exchanges, and refunds.
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If enacted, popular e-commerce platforms like Jumia and Konga, along with smaller players, will face stringent regulations and potential new taxes and levies imposed by NITDA. Non-compliance could result in fines.
During a recent media engagement, Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, emphasized that the Bill would create a legal framework to accelerate Nigeria’s digital economy. The Director-General of NITDA, Malam Kashifu Inuwa, echoed this sentiment, stating the Bill would benefit both the government and private sectors across the country’s six geopolitical zones.
