The Central Bank of Nigeria (CBN) has directed commercial banks to share their customers’ data with financial technology (Fintech) companies to increase access to financial services and provide better services to customers.
The apex bank Director, Payment System Management, Musa Jimoh disclosed this development during the virtual FirstBank FinTech Summit 4.0 held in Lagos with the theme: “How Blockchain and Artificial Intelligence will Disrupt FinTech in Nigeria”.
According to him, 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.
The director described Fintechs as technology-enabled innovation in financial services that could result in new business models, applications, processes or products with an associated material effect on the provision of financial services.
The African Housing News gathered that Fintech firms such as MoniDey, Quick-teller, Baxi, PocketMoni, Unified Payments, Paga, Cellulant, to mention but a few are now part of the financial system, offering banking services to both the banked and unbanked within the population.
