The Central Bank of Nigeria (CBN) has reaffirmed its commitment to addressing cybersecurity challenges and promoting innovation to maintain the stability and integrity of the financial system.
Speaking at the two-day Financial Institutions Training Centre (FITC) Fintech Conference in Lagos, Mr. Philip Ikeazor, Deputy Governor of Financial Systems Stability at CBN, highlighted the ongoing efforts and future plans of the apex bank.
Under the theme “Building Trust in the Digital Age: Balancing Performance with Compliance,” Ikeazor emphasized the persistent threats of cybersecurity, data breaches, and digital fraud that could undermine consumer trust in the financial system.
He noted that alongside current measures, CBN is developing new regulations aimed at enhancing corporate governance and licensing requirements to mitigate risks associated with the digital era.
“The new regulations are crucial to improving compliance levels and corporate governance practices among fintech firms in Nigeria,” Ikeazor explained.
He acknowledged the transformative impact of digital banking platforms in enhancing financial accessibility and convenience for millions of Nigerians, while cautioning that these advancements also pose challenges that must be effectively managed to maintain trust.
Chizor Malize, Chief Convener and CEO of FITC, underscored how fintech has revolutionized financial services globally, shifting consumer behavior towards digital platforms away from traditional brick-and-mortar establishments.
She highlighted the role of African fintech companies like Interswitch, Flutterwave, and Moniepoint, as well as Nigerian banks such as Providus Bank, GTBank, and Stanbic IBTC, in driving financial inclusion and economic growth through digital innovations.
Malize stressed the importance of robust regulation and compliance in ensuring financial system stability, emphasizing that adherence to high standards of integrity was paramount in this era of digital transformation. T
he conference aimed to foster dialogue on balancing performance with regulatory compliance to sustain trust in the evolving digital landscape.
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