The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has reacted to the recent allegations levied against some Nigerian FinTech companies in some countries.
ICSAN, through the Chairman of its corporate governance capacity-building committee, Dr. Adeyinka Hassan, said that there was a need for companies to understand the imperatives of corporate governance.
Hassan noted that the increasing development of the FinTech sector in Nigeria calls for efforts in ensuring that individuals and groups understand the importance of issues such as the concept of corporate governance.
“Fintech is gaining ground in the financial industry today, and we are witnessing a fintech company put together by Nigerians who were charged to court in America with claims and counterclaims that the court needs to settle.
“Now that the Central Bank of Nigeria (CBN) has licensed some Payment Service Banks (PSB) operating in fintech, it is the right time for us to quickly talk about things like this so that it will offer members a buffer, guardianship, and support in terms of how they put in place a proper structure for their governance and do not wait for things to go bad before we start talking about it,” he stated.
ICSAN is hosting a corporate governance capacity development program for its members.
The training tagged ‘Corporate Governance Imperatives for Contemporary Financial Technology in Nigeria’ is scheduled to take place on July 28th.
Hassan described the training as timely, coming at a time when the FinTech sector was expanding in the country.
The program is expected to provide an avenue for networking and a platform to discuss corporate governance amongst professionals.