Financial technology firms (fintechs) in the country would now have a regulatory sandbox to facilitate digital innovation that will eventually ensure financial inclusion.
This followed the Central Bank of Nigeria (CBN) and Nigeria Interbank Settlement System (NIBSS)’s unveiling of the regulatory sandbox in Abuja recently.
Tagged, “Financial Industry Sandbox,” the move will be coordinated by the recently-created Financial Service Innovators Association of Nigeria (FSI) under the supervision of the CBN and NIBSS.
Musa Jimoh, deputy director of banking and payment system department of the CBN said the initiative is in recognition of the roles of fintechs in the financial industry and the need for regulatory support, to assist them to play these roles.
“The objective is to empower small companies, which we refer to as start-ups, innovators, technology companies and young Nigerians that have great ideas, but lack the financial wherewithal to bring out their products or even integrate with the banks and all that,” he said.