The Central Bank of Nigeria (CBN) says it will continue to implement more policies to tackle cybersecurity challenges, foster innovation to ensure stability and integrity of the financial system.
The Deputy Governor, Financial Systems Stability at CBN, Mr Philip Ikeazor, said this during a two-day Financial Institutions Training Centre (FITC) Fintech Conference held in Lagos.
The theme of the event was: “Building Trust in the Digital Age: Balancing Performance with Compliance.”
According to him, issues such as cybersecurity threats, data breaches, and digital fraud are persistent concerns that could erode consumer confidence in the system.
Ikeazor said the apex bank, in addition to existing measures is working on new regulations to further enhance performance and compliance.
He said the new regulations would focus on two key areas: corporate governance and licensing requirements.
“The new regulation is crucial to mitigate the risks of the digital era,” he said.
He explained that the new regulation was aimed at improving the level of compliance and corporate governance practice by fintechs in the country.
Ikeazor said the digital banking platforms have made financial services more accessible to millions of Nigerians, fostering greater financial inclusion and convenience.
He, however, said that digitalisation also brought challenges that could erode trust if not properly managed.
