CBN moves to tighten regulations on FinTechs

The Central Bank of Nigeria (CBN) has taken steps to increase supervision and regulation of Financial Technology (FinTech) companies such as Renmoney, Piggyvest, Credit Direct, and organisations in this space.

Mrs Aishah Ahmad, Deputy Governor, CBN disclosed in a session on Cybersecurity Exercises: Experience from Sub-saharan Africa at the just concluded World Bank Meetings in Washington DC.

Ahmad stated that the CBN had been focused on identifying the Fintechs, which have created disruptions in the payment, savings and micro-lending space. According to Mrs Ahmad, the CBN is working hard on creating a regulatory framework around the operations of the Fintechs and increase supervision and regulation, ensuring that these organisations stick to the conditions of their license.

“The way Fintechs are disrupting the Nigerian financial space, a lot of it has come from the payment space. So, you see them more active in the space for receipts where they are already getting licenses from us.

“We’ve seen disruptions in the savings space and disruptions in the micro-lending space. So, these are not organizations that the CBN is not aware of. But broadly speaking, our focus has been to identify these organizations.

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