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Home Industries Tech News

CBN takes another major step towards regulating Nigerian fintech firms

Emmanuel Abara Benson by Emmanuel Abara Benson
July 16, 2020
in Tech News
parallel market, Covid-19: N3.5 trillion disbursed as stimulus package for the Nigerian economy, CBN Vs NESG: Waving the white flag for the benefit of Nigerians, Exchange Rate Unification: CBN devalues official rate to N380/$1, Nigerian banks have written off N1.9 trillion impaired loans in past 4 years, CBN sandbox operations, Stirling Trust Company Limited, Key highlights of the October 2020 Business Expectations Survey Report, A Total of N3.5 trillion was disbursed in the wake of the COVID-19 pandemic, in addition to several other interventions to reflate the economy - CBN, BOFIA 2020: Steps forward or backwards for Nigerian banks, Total credit to the economy rose to N19.54trillion – CBN Governor

CBN Governor Godwin Emefiele

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Earlier this week, the Central Bank of Nigeria (CBN) unveiled the regulatory framework for sandbox operations that will help control how new tech-based financial products/services are launched into the Nigerian market.

In a 16-paged circular that was sent to all deposit money banks and fintech firms (especially those offering mobile money and payments services), the CBN explained that the regulatory sandbox will serve as “a formal process for firms to conduct live tests of new, innovative products, services, delivery channels, or business models in a controlled environment, with regulatory oversight subject to appropriate conditions and safeguards.”

Explore the Advanced Financial Calculators On Nairametrics

This is also intended to make it possible for the apex bank to adequately keep up with the latest innovations by banks and fintechs, whilst ultimately engendering a reliable, safe, and efficient payment system in the country. See the full breakdown of the regulatory sandbox operation below:

  • To increase the potential for innovative business models that advance financial inclusion
  • To reduce time-to-market for innovative products, services, and business models
  • To increase competition, widen consumers’ choice and lower costs
  • To ensure appropriate consumer protection safeguards in innovative products;
  • To clearly define the roles and responsibilities of stakeholders and the operations of the Sandbox for the Nigerian Payments System industry
  • To ensure adequate provisions in regulations to create an enabling environment for innovation without compromising on safety for consumers and the overall payments system
  • To provide an avenue for regulatory engagement with fintech firms in the payment space, while contributing to economic growth.

READ MORE: Covid-19: Timeline of every pronouncement made by Nigeria to support the economy

Based on the last objective above, it can be seen that this is yet another major step the Central Bank of Nigeria has taken towards regulating the Nigerian fintech space. Back in 2018, the apex bank had taken a major step by announcing the minimum capital for mobile money operators in Nigeria. Now, it is set to regulate how new products and services are launched by mobile money operators and digital payment service providers.

To find out more about the CBN’s draft framework for regulatory sandbox operations, click here.

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Tags: CBN's draft framework for regulatory sandbox operationsDeposit Money BankFinTech

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