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The Central Bank of Nigeria (CBN) is set to introduce additional policies aimed at addressing cybersecurity challenges and fostering innovation to ensure the stability and integrity of the financial system. This announcement was made by Mr. Philip Ikeazor, the Deputy Governor of Financial Systems Stability at CBN, during the Financial Institutions Training Centre (FITC) Fintech Conference held in Lagos.
The conference, themed “Building Trust in the Digital Age: Balancing Performance with Compliance,” highlighted ongoing issues such as cybersecurity threats, data breaches, and digital fraud that could undermine consumer confidence in the financial system.
Mr. Ikeazor emphasized that, in addition to existing measures, the CBN is developing new regulations focused on enhancing corporate governance and licensing requirements. “The new regulation is crucial to mitigate the risks of the digital era,” he said. These regulations aim to improve compliance and corporate governance practices among fintech companies in Nigeria.
He also noted that digital banking platforms have significantly increased financial accessibility for millions of Nigerians, promoting greater financial inclusion and convenience. However, he acknowledged that digitalization brings challenges that could erode trust if not properly managed. “Every organization should conduct its business processes in compliance with the law and various regulations. Financial institutions need to take the compliance function as extremely important. Corporate governance is also very critical. Organizations need to have the right structure and be effective, transparent, and accountable in the administration of their affairs,” he added.
Mrs. Chizor Malize, Chief Convener and CEO of FITC, remarked on the transformative impact of fintech on financial services, noting the shift in consumer behavior toward digital platforms and away from traditional brick-and-mortar establishments. She highlighted the success of fintech companies like PayPal, Square, Interswitch, Flutterwave, and Moniepoint in revolutionizing financial services globally and particularly in Africa.
Malize pointed out that Nigerian banks such as Providus Bank, GTBank, and Stanbic IBTC are actively embracing fintech innovations to meet evolving consumer demands. “These initiatives showcase Africa’s potential to drive financial inclusion and economic growth through digital innovation. With the widespread adoption of mobile technology and a growing demand for financial services, these platforms have transformed digital payments, financial inclusion, and banking services, contributing significantly to Africa’s fintech revolution,” she said.
She further stressed the importance of strong regulation and compliance for ensuring financial system stability, which was the central focus of the conference. “As we strive for peak performance and efficiency, we must uphold the highest standards of compliance and integrity,” Malize added.
The News Agency reports that FITC is a not-for-profit professional organization, with members including the CBN, the Nigeria Deposit Insurance Corporation, and all licensed banks in Nigeria.
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