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Licenses: CBN Audits Fintech for Compliance

PSB
Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele

OLU PHILLIPS

Financial Technology Africa has been informed that the Central Bank of Nigeria (CBN) has commenced on-site auditing of Fintech firms to affirm thier readiness for Approval in Principle (AIP) for the license they have applied.

FTAfrica had earlier authoritatively reported that the apex bank might resume the issuance of Fintech licenses to applicants in June or August.

Representatives of the Fintech firms who spoke to our writer explained that the auditing process was “very comprehensive, stringent, detailed and helpful”.

Sources at the apex bank informed that the CBN is keen in sustaining the frenetic growth in the Fintech industry, particularly as Fintech has emerged as the major drivers of the Federal Government of Nigeria’s financial inclusion scheme.

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The sources also disclosed that the CBN is committed to sustaining and deepening Nigeria’s position as Africa’s number one destination for Fintech Foreign Direct Investment (FDI).

Many Fintech firms have been waiting on the CBN for more than a year for the issuance of the licenses.

Meanwhile, the apex bank has established a tighter and smarter regulatory oversight of the Fintech industry through its payment system management department.

To enhance the communications between it and the growing Fintech sector, the apex bank in 2018 joined over 20 jurisdictions to institutionalize an access point by splitting its bank and payment departments into two independent units Banking Operations and Payment Systems Management Department (PSMD).

The PSMD’s mandate deals with all issues relating to financial technology.

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