By 
The Central Bank of Nigeria (CBN) has called on financial technology (fintech) firms to adhere to regulations and strengthen engagement with stakeholders to fortify the sub-sector. This appeal was made during a visit from FintechNGR, the umbrella body of fintech players, led by its President, Ade Bajomo, to the CBN headquarters in Abuja.
Philip Ikeazor, Deputy Governor for Financial System Stability at the CBN, lauded FintechNGR’s active advocacy efforts, which have significantly bolstered the fintech ecosystem. He emphasized the necessity for the association to collaborate closely with stakeholders to ensure regulatory compliance, robust risk management frameworks, and sound governance structures.
“The Central Bank understands the crucial role of fintechs in driving financial inclusion to the last mile,” Ikeazor stated. “Our efforts are focused on helping fintechs become more attractive to investors and achieve greater success.”
Ade Bajomo acknowledged the challenges fintech stakeholders face in complying with regulatory requirements, which are sometimes beyond their control.
“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 said.
Bajomo revealed that upcoming initiatives with regulators include making the 2024 Nigeria Fintech Week more impactful, enriching the activities of the Regulators Forum, organizing fintech learning series for various stakeholders, and exploring self-regulation status for FintechNGR to foster closer relationships with regulators. He affirmed FintechNGR’s commitment to working with regulators to position the ecosystem as more inclusive and impactful.
Comments