CBN targets robust, inclusive, actionable national FinTech strategy

AISHAH AHMAD, DEP UTY governor, financial system stability, Central Bank of Nigeria (CBN), has enjoined stakeholders in the financial sector to embrace the development of a robust, inclusive and actionable national FinTech strategy that is fitfor-purpose.

Ahmad, who gave the charge recently at the kickoff of a virtual meeting for development of the national FinTech strategy in Nigeria in collaboration with the Alliance for Financial Inclusion (AFI), encouraged stakeholders to invest time and required remicrofinance sources to the development of the national fintech strategy for the overall benefit of users of financial services, the financial system, and the nation at large.

Recalling that the development of a national fintech strategy was a resolution of the National Financial Inclusion Steering Committee, she said the committee sought to provide a concerted approach to leveraging fintech and innovative approaches to drive financial inclusion across the nation.

She explained that Digital Financial Services (DFS) were at the core of fintech strategy that would be used to drive broader development in the financial ecosystem, adding that these services were key in driving financial inclusion by reducing cost to serve, increasing transaction efficiency, and improving security and transparency of financial services.

Highlighting the efforts of the CBN in this regard, Ahmad said the apex bank had made efforts in evolving legal and regulatory frameworks, as well as the development of enabling infrastructure such as payment systems to support digital financial services in the country.

She further asserted that the development of payment service bank guidelines, the bank issuance of three licenses, supervisory and open banking framework were designed to broaden the range of financial products and enable the sharing of data across the banking and payment ecosystem.

Commending the Alliance for Financial Inclusion (AFI) for its continued support for financial inclusion, particularly across jurisdictions, the deputy governor urged full commitment of participants to ensure the success of the project.

In his remarks, Alfred Hannig, executive director, Alliance for Financial Inclusion (AFI), lauded the CBN’s role in pushing for the attainment of financial inclusion goals and boosting inclusion targets by an additional 5.2 million adults, from 48.4 million to 53.6 million, representing 50.5 percent of the adult population who are now formally included in the financial system.

Hannig also pledged to support CBN in the development of its National FinTech Strategy, noting that a collective and collaborative approach with all stakeholders in the design, development and implementation of the National FinTech Strategy would deliver the best results.