Share Customers’ Data With Fintechs, CBN Directs Banks

by on August 8, 2020

The Central Bank of Nigeria (CBN) has on Thursday asked commercial banks to share their customers’ data with financial technology (Fintech) companies, as a means to increase access to financial services and provide better services to customers.

Fintech firms include Quick-teller, MoniDey, Baxi, PocketMoni, Unified Payments, Paga, Cellulant, who have become an integral part of the financial system, offering banking services to a large majority of the Nigerian society.

CBN Director, Payment System Management, Musa Jimoh made this known during the virtual FirstBank FinTech Summit 4.0 held in Lagos with the theme: “How Blockchain and Artificial Intelligence will Disrupt FinTech in Nigeria”.

He 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.

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Speaking further, Jimoh said Fintechs are technology-enabled innovation in financial services that could spring forth new business models, applications, processes or products with an associated material effect on the provision of financial services.

Jimoh said the CBN is also boosting the use of artificial intelligence in banking, and promoting digital payment access all sectors of the economy.

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