HomeBUSINESSCBN to monitor Fintechs, manage risks associated with their operations

CBN to monitor Fintechs, manage risks associated with their operations

The Central Bank of Nigeria (CBN) has said that it would continue to monitor Financial Technology (FinTech) companies in Nigeria as well as manage the risks associated with their activities. The apex bank which regards FinTechs as an important sector in its operation, has assured it will work towards minimizing the risks associated with their operations to the consumers and financial institutions

This was disclosed by the Director, Banking Supervision Department of CBN, Mr Mustapha Haruna, Director, Banking Supervision Department, CBN, who was represented by Adekunle Adeniji, Assistant Director in the department, at the end of the 31st Finance Correspondents and Business Editors seminar on Thursday, in Enugu.

He also said that another reason the CBN needed to keep an eye on the Fintechs was because of the huge market value in its operations globally which is projected to hit about $310 billion by next year.

He revealed the census carried out by Ernst and Young, known as the Nigerian Fintech Census 2020, revealed that fintechs in Nigeria would have raised more than $439 million to boost the sector by the end of 2020, pointing to the significance of this sector in financial services, inclusion and in what we do.

He said that it was extremely important that the bank kept tabs on this sector so as to continue to ensure a safe and sound financial system stability.

He said that the report also showed that 55.7 per cent of all capital investment in fintech space, were foreign direct investments while 43 per cent was got locally within the economy in Nigeria.

 

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