CBN to review fintech licensing framework
The Central Bank of Nigeria has revealed intentions to undergo a comprehensive review of its licensing framework concerning payment services.
This initiative aims to pave the way for the establishment of a revamped regulatory and compliance framework within the payment service sector, as hinted by the apex bank
During the recent annual dinner of the Chartered Institute of Bankers of Nigeria held in Lagos, the CBN Governor, Olayemi Cardoso, disclosed this strategic move.
He emphasized the crucial role of technology in delivering financial services and advancing financial inclusion. However, he also expressed the CBN’s concerns regarding recent developments in this rapidly evolving space
He said, “Technology will continue to play a critical role in delivering financial services and enhancing financial inclusion. However, recent developments in the payment services landscape have raised concerns regarding the use of technology and the existing licensing and regulatory framework
Cardoso noted that the apex bank had observed that “some licensees are operating outside the approved activities, breaching the boundaries set for them. Any intentional or unintended non-compliance will be subject to sanctions, as operators have the responsibility to ensure that they are licensed for the activities they undertake”.
That he said called for a comprehensive review of the licensing framework of the space
