The Federal Government plans to establish regulations for e-commerce platforms and introduce cyber insurance to enhance security in the digital economy.
In the National Digital Economy and E-Governance Bill currently before the National Assembly, seen by The PUNCH, the government mandates the National Insurance Commission to develop regulations, including provisions on cyber insurance, to improve security in electronic commerce.
Section 40 of the bill highlights that NAICOM, in consultation with the regulatory agency, will develop and issue these regulations.
The proposed regulations aim to provide a framework for the operation of e-commerce platforms in Nigeria, promoting a safer and more secure online environment for users.
The guidelines, outlined in Section 39 of the bill, require platforms to provide accurate and accessible information about themselves, including their legal name, address, and contact details.
Additionally, platforms must provide clear information about the goods and services offered, 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.
Tijani said the passing of the bill could inject $18.3bn into the nation’s economy.
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