CBN Charges Fintechs to Deepen Financial Inclusion Initiative

Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele
  • The Deputy Governor, Financial System Stability, Central Bank of Nigeria, Mrs Aishah Ahmad, has charged financial technology companies (fintechs) to contribute in the drive to enhance financial inclusion in the country.

Ahmad in her keynote address at the Nigeria Fintech week in Lagos, said fintechs play a major role in enhancing financial inclusion by providing services at low cost to consumers.

She said: “Fintech as a tool and as institution, would help us meet a number of objectives. Customers would have greater freedom, wider access at favorable prices and even at zero prices.”

“The challenge before us shall be to thrive not survive so that the benefit outweighs the risk. We see innovation and it is good but it must be responsible. It must be inclusive and it must be held accountable. “We have  been trying for many years to lower the cost of deploying services by the banks through many initiatives and some of these disruptions are actually helping us to lower the costs.

“Once more people are included, you would see better economic inclusion and you can have better growth. Policy makers are faced with a number of considerations, a few questions that have no easy answers and I’ve had this conversation in Nigeria and out of the country and no one has an answer.

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“The first one is the supervisory and regulatory question. I get text messages everyday asking about new companies and what they are doing and I’m asked if they are regulated and the question arises because there are new companies that are doing the same thing the banks are doing but are not being regulated”.