Nigeria’s apex bank, CBN, said that it would continue to monitor FinTech companies in Nigeria, as an important sector in its operations.
Mr Mustapha Haruna, Director, Banking Supervision Department, CBN said the apex bank needed to keep an eye on the Fintechs was because of the huge market value in its operations globally.
He said,” the market value of fintech companies globally is projected to hit about $310 billion dollars by next year”.
Haruna said that as a regulator, the bank would ensure opportunities in FinTechs were properly harnessed.
“So, as we onboard fintechs into financial services, we need to have a proper understanding of the technology companies and what risks they bring; and then we need to effectively manage these threats — threat to consumer data protection, among others.
“While we may not exactly eliminate these threats, we must ensure that we are able to minimise those threats to consumers and to financial institutions, as well as the financial system and its stability. Authorities also need to ensure that regulated government entities, necessary government structures will identify and manage all these risks arising from the use of these activities,” he said.
