Nigeria’s Central Bank has said that its regulatory landscape remains complex for operators, as they need to comply with existing regulations and also adhere to new regulatory initiatives, some of which affect established operating or business models.
The apex bank made this known through its Director of Banking and Payment Systems, Dipo Fatokun at the bi-monthly Central Bank – Finance Correspondent of Nigeria meeting held Saturday, in Lagos.
The CBN says the regulations may differ greatly as some of them are very detailed and prescriptive while others may be transformational and subject to multiple interpretations.
Fatokun said this increased complexity in the regulatory landscape create a need for banks to leverage on increased technology for compliance purposes.
He noted that required rate of policy review is on the increase due to technology changes and innovations that create disruptions in the smooth flow of implementation.
The CBN said banks and other e-payment service providers should develop a holistic vision and programmes for compliance with regulations, and industry stakeholders should collaborate and anticipate regulatory actions to maximise return on investment (ROI) in compliance efforts.
Some of the regulations that have been issued by the Central Bank include: guidelines on electronic payments of salaries, pensions, suppliers and taxes in Nigeria (2014); guidelines and framework for mobile money services in Nigeria (revised, 2015); guidelines on transaction switching in Nigeria (revised, 2016); guidelines on international mobile money remittance services in Nigeria (2016); guidelines on operations of electronic payment channels in Nigeria (2016), among other.