Nigeria FinTech Landscape - Impact Assessment
1: The investment required to foster innovation could be significant, but can be
achieved if CBN works in collaboration with other stakeholders
Banks, Telcos,
Government
Agencies, Data
Providers
Sharing of useful data
■ Provide APIs based
on mutually beneficial
commercial
arrangements
Development Partners
FinTech
Regular interfacing with the CBN and other regulators in order to
ensure FinTech interests are considered
CBN
☐
Waivers Review/Case officers to highlight potential regulatory
waivers
Innovation Helpdesk: Team dedicated to guiding firms through
design and implementation of testing
Updated guidelines: Team and clear process in charge of
monitoring and updating regulations based on sandbox outcomes
Collaboration: Extend invitation to other stakeholders
■ Fund regulatory sandbox support:
Innovation helpdesk that guides FinTech on
requirements and helps with clarity.
■ Sponsor 'hackathons' to encourage FinTech to
solve industry and development problems
through innovative ideas
Other Regulators
E.g. NAICOM collaboration in order for
Insurtechs to test ideas and for regulations to be
updated as necessary
NIBSS
☐
Provide access to standardized APIs
through standard platform to enable
access to data from financial services
and other industry players
■ Define minimum standard for FinTech to
commit and manage overall security of
sandbox
EFINA
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