The Central Bank of Nigeria (CBN) has announced its ongoing commitment to implementing robust policies to address cybersecurity challenges and promote innovation, ensuring the stability and integrity of the financial system.
During the Financial Institutions Training Centre (FITC) Fintech Conference held in Lagos, Mr Philip Ikeazor, the Deputy Governor of Financial Systems Stability at CBN, highlighted the persistent concerns of cybersecurity threats, data breaches, and digital fraud, which could undermine consumer confidence.
Ikeazor stated that in addition to existing measures, the CBN is developing new regulations to enhance performance and compliance. These regulations will primarily focus on corporate governance and licensing requirements.
“The new regulation is crucial to mitigate the risks of the digital era,” Ikeazor remarked, emphasising that these measures aim to improve compliance and corporate governance practices among fintech companies in Nigeria.
He acknowledged that while digital banking platforms have made financial services more accessible, fostering greater financial inclusion, they also introduce challenges that could erode trust if not properly managed.
Mrs Chizor Malize, Chief Convener and Chief Executive Officer of FITC, highlighted the revolutionary impact of fintech on financial services. She noted that the rise of companies like PayPal, Square, and innovations such as blockchain technology and mobile payment systems demonstrate fintech’s potential to disrupt traditional banking models and enhance consumer convenience.
Malize pointed out that Africa, particularly Nigeria, is at the forefront of this fintech revolution, with companies like Interswitch, Flutterwave, and Moniepoint leading the charge. Nigerian banks, including Providus Bank, GTBank, and Stanbic IBTC, are also embracing fintech innovations to meet evolving consumer demands.
She added that strong regulation and compliance are essential for ensuring the stability of the financial system, which was the focus of the conference.
The FITC is a not-for-profit professional organisation, including the CBN, the Nigeria Deposit Insurance Corporation, and all licensed banks in Nigeria as members.