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CBN to banks: Digitise services to support banking supervision, regulatory compliance

The Central Bank of Nigeria has said that banks should digitize their services so as to support effective supervision of the financial system, data access, and management. 

This was said by the Deputy Governor, Financial System Stability, CBNMrs Aisha Ahmad during the opening of the 2019 CBN/FITC Continuous Education Programme. 

Ahmad, represented by the Director, Banking Supervision Department, CBN, Mr Ahmad Abdullahi said that the world was experiencing a digital revolution and that the digitization would support risk identification, regulatory compliance and enhance sectoral performance.  

Also present at the event was the Acting Managing Director/ Chief Executive Officer of FITC, Dr Tunji Ajiboye who stated that financial institutions were recognizing the importance of technology and must respond to digital transformation.

According to Ajiboye, banks had to embrace technology if they wanted to remain competitive because financial technology firms and even telecommunication companies were beginning to offer some bank-related services. 

Telcos are giving banks a run for their money. Hence, banks need to be proactive in recognizing the impact of digitization on their services and overall operations. 

“It is important to understand and constantly discuss how technology is transforming the banking landscape,” Ajiboye said. 

What you should know: The CBN has been keen on the digitalization of services in recent times. Nairametrics had reported when the bank approved the establishment of Payment Service Bank Licenses to some telcos and fintechs in order to increase the pace of achieving the accessibility of digital contents. 

This, CBN Governor, Godwin Emefiele also announced when he addressed creatives at the Creative Nigeria Summit while speaking to them on the efforts the bank was taking to ensure that entrepreneurs in the creative sector obtain their fair share of what is derived from their hard work. 

He said having access to mobile financial services would enable Nigerians to purchase music and movies via bank accounts linked to their mobile phones easily.  

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