Technology, Artificial Intelligence and Chargeback Regulations: A Path to Small Business Protection in Nigeria
With the sudden increase in chargeback disputes arising in Nigeria, small businesses are left at a disadvantage. These disputes lead to loss of revenue, operational disruptions a n d legal complexities. This paper explores the role of technology and artificial intelligence in creating an effective regulatory framework that balances consumer protection with rights of small businesses. By leveraging machine learning algorithms, a n d other Artificial Intelligence (AI) tools, small businesses can proactively identity fraudulent transactions, improve compliance, and reduce financial vulnerabilities. The legal consequences of Al tools in the financial sector are also examined ensuring ethical deployment of A.l.
This research also examines the current regulatory framework governing chargeback disputes and addresses the current policy gaps in these regulations. It advocates for policy reforms that integrate Al-driven verification methods, promotes transparency in Online Dispute Resolution (OD), and establishes procedures small businesses can use to address chargeback disputes before they arise. The findings suggest that a technology-driven approach to chargeback regulations c a n foster economic resilience, innovation, and fairness in digital commerce.
