The Central Bank of Nigeria [CBN] has identified continue collaboration among Fintech players as the sure way of ensuring effective development of the sector for more innovation and economic growth.
The Director, Banking and Payment Systems department of the CBN, Dipo Fatokun who made the assertion, said that the bank has in recent time demonstrated motive of partnership between innovators and other stakeholders in the sector, which according to him, is one of the tools of regulation.
He highlighted collaboration as a means of bridging the gap between innovations and implementation of policies initiated by the institution for effectiveness.
“What makes a Fintech eco system to thrive is collaboration.Until we collaborate effectively, and I think, the only way to bridge gap between innovations is through collaboration. The Central Bank of Nigeria has always paid so much attention to collaboration among operators and innovators.So you would find out that most of the time when we come out with policies, when we come out with regulations, it is a product of that collaboration so that we can bridge that gap.”
Fatokun who was represented by the Principal Manager of Banking and Payment Department of the apex bank, Akinwunmi Olubo said that CBN has been engaging and supporting innovators and entrepreneurs in the country through the National Institute for Policy and Strategic Studies (NIPPS) and other innovation associations.
He assured stakeholders in the sector of the apex bank’s desire to ensure efficiency, business operation sustainability for effective and healthy regulation.
“The CBN has been supporting innovation hub within the payment system for through NIPPS and we have some innovation associations that has come together with NIPPS.
“Apart from that, we are working with our development partners in other to regulatory sandbox, which would enable innovators, especially in the financial services sector, to access the regulation in a way that would enable them to comply such that we can provide the right regulation that would support them in becoming part of the financial services system,” he said.