The Central Bank of Nigeria has asked commercial banks to share their customers’ data with Financial Technology companies, to increase access to financial services and provide better services to customers.
Fintech firms include Quick-teller, MoniDey, Baxi, PocketMoni, Unified Payments, Paga and Cellulant, who have become an integral part of the financial system, offering banking services to a large majority of the Nigerian society.
CBN Director, Payment System Management, Musa Jimoh, made this known in Lagos at the weekend during the virtual FirstBank FinTech Summit 4.0 themed ‘How Blockchain and Artificial Intelligence will Disrupt FinTech in Nigeria.’
He said the directive was in line with the apex bank’s five-year vision and open banking regime policy that would require banks to open their account base to Fintechs to bring more people into the financial system.
Jimoh said Fintechs were technology-enabled innovation in financial services that could spring forth new business models, applications, processes or products with an associated material effect on the provision of financial services.
According to him, the CBN is also boosting the use of Artificial Intelligence in banking, and promoting digital payment access all sectors of the economy.
