CBN Urges Fintechs, Payment Service Providers to Adhere to Standards

Ugo Aliogo

The Central Bank of Nigeria (CBN) has urged financial technology companies (fintechs), payment service providers and banks in the payment system to ensure that they adhere to policy framework and standards that guide their operations.

The Director, Payment Systems Management Department, CBN, Mr. Samuel Okojere, stated this Thursday in Lagos, during the launch of Xpress Payment Solutions Limited.

He explained that the CBN was trying to build an ecosystem that allows everyone to have opportunity to present and run its own system, adding that fintechs were introduced into payment system with the aim of deepening financial inclusion in Nigeria.

Okojere, who was represented at the event by the Deputy Director, Payments System Policy and Oversight, Central Bank of Nigeria, Mr. Musa Itopa Jimoh, stated that the CBN made a commitment in 2011, to bring those that are outside the banking sector closer, hence the introduction of fintech companies into payment space.

According to Okojere: “What CBN expect from the operators in the financial payment service providers is compliance with set standards, and this is the only thing that can make fintechs and payment services providers integrate to global best practices.

“If you are not complying with regulation, you cannot connect with the local one. There are rules that guide this service that we provide in Nigeria and also in the world.

“It is our joy today that our cards can go anywhere in the world and is being used. This is because we comply with the best practices, and I am happy to hear that Xpress Payments has also competed in certification on PCIDSS.

“Our responsibility is to ensure that we all behave very well within the financial ecosystem. And so compliance is a major responsibility. I want to imagine that added to that responsibility of the board members is cybercrime, you also check and ensure that you comply with all the directives of CBN. Actually, non-compliance can bring your company down.”

In his remarks, the Managing Director, Xpress Payment Solutions Limited, Oluwadare Owolabi, noted that every sector of human endeavour has been extensively characterised by technological disruption.

Owolabi further stated that there was need to satisfy the increasing demands of customers for quality service and innovations that work within the e-payment industry coupled with the technological revolution which necessitated the birth of the company.

According to him, “We started the journey with a clear focus and understanding of the needs of our target markets which formed the bedrock of our core business drivers: easy, fast, secure.

“With these, our aim was to provide a stress-free experience for you by creating solutions that enable smarter living. This we knew from the onset can only be realised by the assemblage of experienced and exceptional team and deployment of the cutting edge technology.

“The commitment to deepen financial inclusion penetration in Nigeria and provide a seamless and hitch-free transaction experience for customers led to the creation of an array of e-Payment products and services by the organisation that had been embraced and deployed by some state governments in the federation and some commercial banks as well.”

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