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CBN URGES FINTECH COMPANIES, PAYMENT SERVICE PROVIDERS TO ADHERE TO POLICY FRAMEWORKS

The Central Bank of Nigeria has urged Financial Technology companies, payment service providers and Deposit Money Banks engaged in offering payment solutions to customers to ensure they adhere to policy framework and standards that guide their respective operations in the ecosystem in which they operate.

Mr. Musa Itopa Jimoh, Deputy Director, Payment Systems Policy and Oversight, Central Bank of Nigeria, stated this recently in Lagos during the corporate launch of Xpress Payment Solutions Limited.

He explained that the CBN was trying to build an ecosystem that allows everyone to have equal opportunity to present and run their system, adding that Fintech was introduced into the payment system to deepen financial inclusion in Nigeria.

The event was witnessed by representatives of some state governments, Deposit Money Banks, Fintech organizations, e-payment industries, some of whom commented on the quality and reliable services provided by Xpress Solutions.

The Deputy Director was representing  Mr. Samuel Okojere, Director, Payment Systems Management Department, CBN, who said the CBN committed in 2011 to bring those that are outside the banking sector closer, hence the introduction of Fintech companies into the payment space. Okojere said: “CBN expects financial payment service providers to comply with set standards. He added that this is the only thing that can help the parties involved to integrate with global best practices and that without complying with regulation, they cannot connect locally. There are already laid down rules that guide financial services in Nigeria and also the world at large. Indeed, everyone as a player in the financial industry must ensure strict adherence to standards and rules of engagement.

SOURCE: Communication Week