The Central Bank of Nigeria says it will continue to implement more policies to tackle cybersecurity challenges and foster innovation to ensure the stability and integrity of the financial system.
He said the new regulations would focus on two key areas; corporate governance and licensing requirements.He explained that the new regulation was aimed at improving the level of compliance and corporate governance practice by fintechs in the country. “Every organisation should conduct its business processes in compliance with the law and the various regulations. Financial institutions need to take the compliance function as extremely important.
She noted that Africa stood at the forefront of this fintech revolution with companies like Interswitch, Flutterwave, Moniepoint, and others leading the charge. “With the widespread mobile technology adoption and growing demand for financial services, these platforms have transformed digital payments, financial inclusion, and banking services, contributing significantly to Africa’s fintech revolution.