Governor Godwin Emefiele of the Central Bank of Nigeria (CBN), has advised financial technology companies (fintechs) in the country to come forward with N25 billion and secure the licence to become deposit-money taking institutions.
Emefiele made this submission at the opening of the International Association of Deposit Insurers (IADI) Africa Regional Committee (ARC) Technical Assistance Workshop with the theme: “Normality in Turbulent Periods: The Stabilising Role of Deposit Insurance’’, which was organised by the IADI-ARC and hosted by the NDIC in Abuja.
While Emefiele insisted that fintechs who want to be deposit-taking institutions, “should come forward and become a bank – bring N25 billion and be a bank,” the CBN governor lamented how the evolution from traditional banking to technology-powered banking has disrupted the financial sector.
According to the apex bank’s chief, the developments have continued to disrupt traditional ways of offering financial services in the banking landscape.
Describing the evolution in the financial sector as “very disturbing,” Emefiele stressed the need for the banking industry regulator as well as supervisors to guard their loins to, “ensure that we are able to put in place strong regulatory framework and practices that should help nip in the bud, the unfortunate incident that may happen as we try to allow the growth of fintechs in Nigeria”.
