The Central Bank of Nigeria (CBN) has asked commercial banks to share their customers’ data with financial technology (Fintech) companies to increase access to financial services and provide better services to customers.
CBN Director, Payment System Management, Musa Jimoh disclosed this yesterday during the virtual FirstBank FinTech Summit 4.0 held in Lagos with the theme: “How Blockchain and Artificial Intelligence will Disrupt FinTech in Nigeria”.
Jimoh 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.
He also 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.
Fintech firms like Remita, eTransact, paypal, Quick-teller, MoniDey, Baxi, PocketMoni, Unified Payments, Paga, Cellulant, to mention a few are now part of the financial system, offering banking services digitally to both the banked and unbanked within the population, making it easier for th customers to access financial services without the stress of going to banks.
These companies are helping consumers in bill payments, retail payments, electricity bill payments, airtime purchases and use of Unstructured Supplementary Service Data (USSD) transactions. They also collect payment from all spectrums of the population whether banked or not.
The CBN Director also added that the CBN is boosting the use of artificial intelligence (AI) and Blockchain technology in banking, and promoting digital payment access in all sectors of the economy.