The Director, Payments System Management Department, of the Central Bank of Nigeria, Mr. Sam Okojere, has made public the intention of the Central Bank of Nigeria to come up with rules to regulate the financial Technology sector of the economy. Mr. Sam Okojere, who represented the Governor of the CBN, Godwin Emefiele, at the Lagos Fintech Week held recently disclosed this in his keynote address
He said, “CMR is being developed in line with on-going efforts to evolve a robust collateral management regime which will be proportionate to transactional level of participants within the payment system.”
According to him, the consequences of the new regime was that both incumbents and new entrants would operate without unnecessary collateral burden.
The Fintech landscape in Nigeria is largely regulated by circulars and guidelines published by the CBN and a host of existing regulations that applied to traditional financial service institutions.