The Central Bank of Nigeria (CBN) has tasked financial technology (fintech) firms in the country on regulations and increased stakeholders’ engagement to strengthen the sub-sector.
The CBN stated this when FintechNGR, the umbrella body of the players visited it in Abuja. The body was led by its President, Ade Bajomo.
Receiving the team at the CBN headquarters in Abuja, Deputy Governor, Financial System Stability, Philip Ikeazor, commended FintechNGR’s active advocacy efforts that have significantly improved the fintech ecosystem, a statement said.
The apex bank emphasised the need for the Association to work closely with stakeholders to operate within regulatory provisions, facilitate compliance, and establish robust risk management frameworks and governance structures.
Ikeazor stated: “The Central Bank understands the critical roles of fintechs in driving financial inclusion to the last mile. Our efforts are geared towards helping fintechs become more attractive to investors and achieve greater success.”
Responding, Bajomo noted that while stakeholders strive to comply with regulatory requirements, they sometimes face challenges beyond their control.
He said: “The common understanding within our ecosystem is that compliance makes the environment safer for all to innovate, scale, and collaborate. FintechNGR will ensure the co-creation of a support structure with the CBN to enhance compliance.”
Bajomo disclosed that some of the initiatives the regulators plan to pursue with the ecosystem include making the 2024 Nigeria Fintech Week more impactful, enriching the activities of the Regulators Forum, organising fintech learning series for various stakeholders, and exploring self-regulation status for FintechNGR to foster closer relationships with regulators. He said FintechNGR remains committed to working with regulators to better position the ecosystem to be more inclusive and impactful.
