CBN Urges FintechNGR to Establish Governance Structures for Regulatory Compliance

Emma Okonji

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

Deputy Governor, Financial System Stability at CBN, Philip Ikeazor, gave the advice while receiving a team of FintechNGR, led by its President, Ade Bajomo, at the CBN headquarters in Abuja recently. 

Bajomo led a team from the Association’s Governing Council to engage with the CBN and to chart the way forward in light of the recent developments in the Nigerian Fintech sector, aimed at strengthening the sector.

Receiving the Fintech team, Ikeazor commended FintechNGR’s active advocacy efforts that have significantly improved the fintech ecosystem in Nigeria, and emphasised the need for the association to facilitate compliance, and establish robust risk management frameworks and governance structures.

“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.

During the meeting, Bajomo noted that while stakeholders would strive to comply with regulatory requirements, they sometimes face challenges beyond their control. According to Bajomo, “The common understanding within our ecosystem is that compliance makes the environment safer for all to innovate, scale, and collaborate. FintechNGR will ensure the co-creation of a support structure with the CBN to enhance compliance.”