CBN committed to regulating Fintech – Fatokun

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Fintech, CBN, Fatokun, Diamondbank

 

By Martin Ekpeke

Mr. Dipo Fatokun, the Director for Banking and Payments at the Central Bank of Nigeria has given the assurance that the apex bank is fully committed to a balanced approach in regulating Fintech,

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Fatokun stated this in his keynote address at the BusinessDay 2017 summit on Fintech, which presented opportunities for stakeholders to explore the relatively new industry in transforming Nigeria’s economy. The theme of the summit was “Harnessing the power of disruptive innovation in Fintech”.

“Presently the Central Bank is creating opportunities for payment solutions, to boost financial inclusion. We believe Nigeria will achieve transformation by embracing this innovation,” he said.

He added that the apex bank is working closely with the Fintech players in the payments space, to drive the economy saying having a balanced approach in regulation is the major challenge that could impede the growth of the industry.

Meanwhile, giving the opening remarks the Publisher of BusinessDay Newspaper Mr Frank Aigbogun said “Fintech fascinates people because of Capital” and asserted that the technology space is achieving a lot of disruptions in the globe.

Mr Aigbogun noted that the summit was designed to provide a platform for robust discourse on the growth and development of Fintech in Nigeria.

He also expressed concerns about convenience, security and transparency, noting that for such innovation to thrive in Nigeria, there should be legislations to enable it.

 

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