CBN Clarifies Plans For Fintech Companies

The Governor of the Central Bank Of Nigeria, Olayemi Cardoso, has touched down and expatiated on the plans of the Central Bank of Nigeria for the Financial Technology Companies, which is widely known as Fintech.

Mr Olayemi Cardoso’s comment comes after stringent measures were put in place to clamp down on Fintech activities in the company. This was explained as a way of stopping the incessant Naira crash against the dollar.

The Central Bank of Nigeria has also raised its interest rate by ‘150 basis points to 26.25 percent from 24.75 percent,’ as one of the methods to curtail the rising inflation rate and ensure that the price of goods and services is currently in check in the country.

The CBN governor has, therefore, clarified that the actions taken by the Central Bank were not sure of solving the country’s inflation issue but would instead act as an avenue for tackling it and, in the long run, provide other plans to battle the current inflation and the Naira’s crash against the dollar.

Furthermore, the CBN governor touched on the stringent measures that have been put on Fintech companies in the country. He stated that there were no plans to disrupt the Fintech companies’ business. Instead, the CBN, in conjunction with the Federal Government of Nigeria, is evaluating ways to ensure that both parties, fintech companies, and the Nigerian public, enjoy the topmost benefits from Fintech services and vice versa.

Using the words of the CBN governor, the CBN rules on Fintech companies were in no way threatening to bundle them out of business but to ensure that they achieve more, though under more stringent supervision, in order to tackle those using the guise of Fintech companies to commit cyber crimes, including money laundering and other fraudulent activities.

The CBN governor further stated that despite the strict supervision of the Fintech companies, they have yet to be affected or have their licenses revoked.

Oluwarantimi Oludase
Oluwarantimi Oludase
Oludase Oluwarantimi Emmanuel is a budding writer and journalist. I have a flair for writing, which has developed more since I became an undergraduate. I have used my writing skills to contribute my quota through opinions that have been published on Guardian and Daily Trust and the Nigerian Voice where I work as an entertainment news journalist.

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