Central Bank of Nigeria (CBN) and the Nigerian Stock Exchange (NSE) have commended Fintech Association of Nigeria for its efforts in bridging the gap between the regulators, government and the active players in the Nigerian Fintech ecosystem.
The CBN also disclosed that it will formally inform the association of its desire to be carried along with regards to the outcome of the sandbox experience initiative currently being undertaken.
CBN pledged to incorporate Fintech Association to presentations on financial regulations in Nigeria and make available the final draft to the association for inputs.
According to the apex bank, FintechNGR will also be involved in the drive to give Digital Banks, otherwise known as Challenger Banks, prominence in Nigeria through fashioning out an appropriate licensing regime working with various departments of the Central Bank.
Expressing CBN’s support, Dipo Fatokun, informed the FintechNGR team that the bank, through the Banks and Payment System Department, will be excited to be a part of the knowledge development and market feedback events organised by the association and its partners starting with 2nd National Fintech Conference coming up January 24 to 26, 2018.
NSE’s Executive Director, Ade Bajomo, noted that the NSE, subject to approval of its management, sees this collaborative approach as an extension of its market data, new business development and strategic push for a more integrated securities and financial market.
Fintech association president, Dr. Segun Aina, said the association would leverage on its global network to bring best practices to its activities.
Aina said further that the professional conduct would engender inter-agency relationship amongst regulators and the government, comprising of the CBN, SEC, NSE, NAICOM, NDIC, amongst others.
General Secretary, Isa Alade, noted that the association, by its network of membership, would eliminate regulatory bottlenecks that stifle innovation as it bridges the gap between the innovators, government and regulators.
Fintech pledge to continue its innovation drives in the financial sector so as to help strengthen the system.
Chief Executive Officer (CEO), Accion Microfinance Bank, Bunmi Lawson, said: “The joint initiatives of the Association (FintechNGR) and CBN are meant to drive the benefits of financial inclusion down the bottom of the pyramid.”