The Central Bank of Nigeria says it is working on breaking down the licences for operators in the financial technology sector to allow small players in the industry access into the market as it works on harmonising data in the financial sector.
Speaking at the First Bank Fintech Summit 4.0, where stakeholders gathered on Zoom to discuss “How Blockchain and Artificial Intelligence will Disrupt FinTech in Nigeria”, the CBN director, Payments Systems Management Department, Mr Musa Jimoh said the “new licensing model will enable the small companies to come into the forum without going through those stringent conditions that the regulars would impose on the big companies.
Noting that with the rapidity of advancement in blockchain technology and other payment system disruptions the apex bank is working on revising its 10-year payment systems strategy to five years. According to him because the rapidity of changes in technology is so high “we cannot wait 10 years to begin to review our strategies again.”
Thus, as against the payment vision which is to extend to 2030 as a 10-year vision, he said “what we are proposing is to have a five-year strategy which would be called PSV2025. And once we get approval for this, we would be looking at initiatives for the next five years.
Speaking on what is being done to curb the use of bitcoin technology for fraud, the executive director, technology and services at Nigeria Inter Bank Settlement System (NIBSS), Aminu Maina, said “It is an area that is being actively looked at from a regulatory perspective and the CBN is also asking for our opinion in terms of industry infrastructure but rest assured we at NIBSS are here to ensure that the industry is secure in terms of where we stand at the center of interconnection and the CBN is also here to ensure that the financial industry upholds its integrity.”
On his part, the managing director of First Bank, Dr Adesola Adeduntan noted that the sudden emergence of covid-19 had further emphasised the importance of the fintech industry to the payment system. “There is no doubt that the fintech industry is the fastest growing sector within the Nigerian economy which is run by a sizeable number of young entrepreneurs.