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CBN Urges FintechNGR to Enhance Compliance and Risk Management

The Central Bank of Nigeria (CBN) has advised the Fintech Association of Nigeria (FintechNGR) to work closely with stakeholders to ensure operations align with regulatory provisions, facilitate compliance, and establish robust risk management frameworks and governance structures.

Speaking  during a meeting with a FintechNGR delegation led by its President, Ade Bajomo, at the CBN headquarters in Abuja, Philip Ikeazor, Deputy Governor of Financial System Stability at the CBN, acknowledged the critical role fintech companies play in driving financial inclusion to the last mile assuring  that the CBN’s efforts are focused on helping fintech companies become more attractive to investors and achieve greater success.

“The Central Bank understands the critical roles of Fintechs in driving financial inclusion to the last mile. Our efforts are geared towards helping Fintechs become more attractive to investors and achieve greater success,” Ikeazor stated.

He commended FintechNGR’s advocacy efforts that have significantly improved the fintech ecosystem in Nigeria emphasizing  the necessity for the association to facilitate compliance by ensuring all fintech operations adhere to existing regulatory frameworks.

He also urged the association on the need to establish robust risk management frameworks to mitigate potential risks as well as set up comprehensive governance structures to oversee operations and ensure accountability.

The meeting aimed at strengthening the sector and aligning it with global best practices provided the President of the Association Ade Bajomo accompanied by members of the Association’s Governing Council the opportunity to engage with the CBN to discuss the way forward for the Nigerian fintech sector amidst recent developments.

The engagement between CBN and FintechNGR marks a significant step towards reinforcing the Nigerian fintech sector. By fostering compliance and establishing robust frameworks, the sector is expected to grow stronger, contributing to the overall stability and inclusiveness of the financial system.

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