Proper regulation key to Fintech growth-CBN
The Central Bank of Nigeria (CBN) has said that proper regulation of the financial Technology (Fintechs) segment in Nigeria will inspire growth and new investment in the sector.
To this end the CBN has disclosed that the recently created Payment System Department of the apex brand will henceforth be in charge of regulating the activities of the Fintech sector in Nigeria as well as other financial institutions under the digital development.
Speaking recently in Lagos, at the Annual Retreat of Chief Compliance Officers with the theme: ‘Digital Revolution; Repositioning Compliance Function in Nigeria Banks’ the Group Head, ML Safety, Central Bank of Nigeria, (CBN), Joseph Gina, said with the creation of the department the CBN was moving ahead to ensure that it was in tune with the global realities.
He said effective regulation would make the financial institutions attractive to domestic and international investors and also in compliance with global trends.
“In the area of compliance, I think we are doing well that is why you will notice that the CBN is constantly collaborating with the operators and the financial institutions so that we are all in tune with what is happening in the world and making sure that nobody is left behind.
“We are strong as our weakest link and we cannot take things for granted. What is certain is that all their challenges are addressed; also they understand that what is expected of them and once they are able to do that, then they are able to carry out their functions effectively.
“In the area of compliance, you will recall that there was a time Nigeria was placed on the blacklist as one of the none corporative countries because it was discovered that our sanction regimes were not proportionate and dissuasive enough, therefore what CBN did in 2018 was to come up with the anti-money laundering/administrative sanction regime which came into effect in February, 2018 and that was to put things in focus and make sure that things are working appropriately.”
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