Skip to main content

CBN calls for banks, fintech firms collaboration

The Central Bank of Nigeria has called on banks to collaborate with financial technology companies to improve the level of financial inclusion in the country.

The Deputy Governor, Operations, CBN, Mr. Adebayo Adelabu made this call in a keynote address delivered in Abeokuta, the Ogun State capital, at the 2017 annual retreat of the Committee of E-Business Industry Heads.

Adelabu, who spoke on the theme of the retreat, “Repositioning digital payments to achieve the financial inclusion goals of the financial system strategy,”  called on CeBIH and banks to be innovative in evolving options to meet the demand of the unbanked at reasonable price to them.

In a statement issued by CeBIH after the retreat, the CBN deputy governor was quoted as saying, “As you are aware, the payments services are the channel for extending other financial services to users. The scale of transactions that we can drive through digital channels is therefore a compelling business case for you to increase investment in this segment of banking business.
“This business case, as you may have observed, is driving the interest of fintechs into your terrain and failure to be agile in responding, not necessarily by stifling the space but by collaborating with the new entrants will impact you negatively. I therefore urge you to take this challenge and respond appropriately as other financial services providers outside the banking industry are waiting on the payments system to enable the extension of their services to the un-served and underserved.”

The CeBIH Chairman, Mr. Dele Adeyinka, was quoted to have noted that 10 years after the launching of the Payment System Vision 20:2020 with the National Financial Inclusion Strategy as its central theme, a significant number of eligible Nigerians were still outside of the financial system.

He said, “Today, it can be argued that Nigeria has made rapid advancements in creating a robust payment system particularly in the area of fostering stability and confidence in the entire banking and payment ecosystem.
“However, 10 years after the inauguration of the payment systems vision 20:2020 as a driver for financial inclusion, even with the incursion of fintech and other payment facilitators into the payment equation, a significant number of eligible Nigerians are still outside of the financial system.

Adeyinka further said, “Today, about 39 million adults in Nigeria do not have access to the basic financial services that help them manage cash for daily transactions, invest in opportunities and protect themselves against risks. Of course, meeting this demand and need is a huge challenge. But it also presents very big opportunities.

Comments

Post a Comment

Popular posts from this blog

Vulvar Care Tips

Vulva Care Maintaining a healthy vulva and vagina will help prevent infections and discomfort. Unusual changes in vaginal discharge is a sign that there might be an issue. Why is vulvar and vagina care important? Many women experience uncomfortable, vaginal infections (vaginitis) at one time or another. The area around the entrance to the vagina (vulva) can also become irritated. Steps can be taken to relieve and prevent vulvar discomfort and vaginal infections. Not all vaginal infections are alike and home treatments can worsen some types. If you have any concerns about your vulvar or vaginal health, or notice unusual changes in vaginal discharge, contact your healthcare provider if the problem persists. What is the vulva? The vulva is the area of female sex organs that lies outside of the vagina. These organs include folds of sensitive tissue called the labia (labia means "lips"). The labia has two parts. The outermost folds are called the labia majora. A secon...
Post a Comment
Read more

Nigeria’s first female banker, Sarah Morocco-Clarke is dead

Sarah Adenike Morocco-Clarke, Nigeria’s first female banker is dead. Morocco-Clarke died at the age of 80 on Sunday, 16 September 2018, after a short illness. Sarah Morocco-Clarke, an alumnus of Queen’s College Lagos, started her career with First Bank (then Bank of British West Africa, and subsequently Standard Bank) as a pioneer female employee, and rose through the ranks at First Bank Nigeria and was made the Services Manager and Secretary to the South Administration, wherein she had a mandate that covered the services of all the First Bank branches in Southern Nigeria. While she worked in the banking industry, she was manager of numerous First Bank branches in Lagos and was subsequently made a Regional Manager in charge of Bendel, Ogun and Oyo states. She was also an Area Manager in the Western part of Nigeria. Popularly known as the ‘Iron Lady, Morocco-Clarke leaves behind six successful children, thirteen grandchildren and three great-grandchildren.
Post a Comment
Read more

FRSC reinforces directive on use of google maps while driving

The Federal Road Safety Corps (FRSC) has clarified its position on the use of Google Maps, The FCT Sector Commander of the Federal Road Safety Corps (FRSC), Ayuba Gora was quoted saying that driving with the aid of Google map using mobile phones is a serious traffic offence. Gora said this at the inauguration of the 2019 Ember Months Campaign by Lugbe Unit Command of the FRSC in Abuja yesterday. But, FRSC Spokesman Bisi Kazeem making reference to Gora’s comments said the Sector Commander was quoted out of context and his statement outrightly misrepresented. Kazeem said the FRSC as a technology-driven organisation is not and has never stood against the use of Google Maps by Motorists. The statement read: “To state the obvious, we have always enlightened the public on the position of the law on the use of phone while driving. “The statement he made during the flag off buttresses the position of the Corps, which is that any driver who intends to deploy the use of Google Map...
Post a Comment
Read more