Innovation must be responsible, inclusive and held accountable this statement was made by Aishah Ahmad Deputy Governor Financial System Stability Central Bank of Nigeria while giving the Opening keynote at the Nigeria fintech week’s conference, on Tuesday 19th of October 2019.
The Central Bank of Nigeria CBN is at the forefront of regulation on financial institutions, financial stability and financial inclusion. Fintech had played a major role in enhancing financial inclusion by providing services at a low cost to consumers. “Fintech as a tool and as an institution would help us meet a number of objectives. Customers would have wider access at favorable prices and even at zero prices.
Fintech partnering with banks needs regulating, especially for customer protection, we need to ensure banks are not discriminating in giving out loans and that the interest is not high. The banks also need to be safe and credible. Fintech is a tool that even banks are using with all the technological risks involved, so we must ensure that we’re getting all the benefits and avoiding all the risks as much as possible. The issues may seem overwhelming, but the benefits outweigh them like the growth in POS has gone over 50% in the past year.
Fintech as a tool or as an institution is needed so that customers will have greater freedom. Policymakers have issues with the supervisory regulations but Fintech will help regulators by using its technology.
It is Important to say Fintech will let us achieve greater freedom.
Fintech will also help us with regulation because the Challenge is to “thrive not only to survive“.
The questions on our table and the things we need to pay attention to are;
How can more established Fintech help smaller ones?
How do we get a last man and woman without a bank account included?
How do we make sure that pricing is fair and competitive?
We need to watch out for imbalances and gender inclusion.
Innovation is good but must be responsible, must be inclusive and must be held accountable.