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CBN expresses support for fintechs

The Central Bank of Nigeria, CBN, has reiterated its readiness to support financial technology companies, FinTechs.

Olayemi Cardoso, the CBN Governor, gave the explanation on Tuesday in Abuja while announcing the new interest rate.

On Fintech companies, the CBN Governor explained that the move to tighten regulations around their operations is not aimed at putting them out of business but to ensure that the Nigerian public obtains the maximum benefit from the sector.

“The Fintechs have definitely not been singled out for any exceptional kind of treatment.

“On the contrary, we are very proud of what the Fintechs, over the years, have been able to do for the country and the positive impact it has been having not just in the country but worldwide.

“It is for us to support them and help them to strengthen what they have been able to accomplish,” he stated.

However, he added that the CBN was concerned about illicit flows and money laundering through the sector, noting that these crimes created the need for heightened surveillance of the sector.

Cardoso stated that despite the increase in regulatory guidelines, no Fintech organization has had its licence revoked by the CBN.

“We have had conversations with a number of them. And we have explained the need for them to take another look at what they are doing and the need to strengthen them,” Cardoso, the CBN boss explained.

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