CBN Governor says FinTech will play an important role towards sustainable economic recovery

The Central Bank of Nigeria (CBN) on Wednesday said that as the economy recovers from COVID-19, FinTech will play a more vital role towards resilient and sustainable recovery.

The governor of the Central Bank of Nigeria, Godwin Emefiele, announced this on Wednesday during a conference for financial correspondents and business editors in Enugu state.

The Central Bank of Nigeria (CBN), in partnership with the Nigeria Deposit Insurance Corporation (NDIC), is responsible for overseeing the payments system’s efficiency and effectiveness.

What the CBN Governor is saying

Emefiele noted that year 2007 marked a turning point in the country’s payments system terrain with the launch of the CBN’s Payment Systems Vision 2020 (PSV 2020), which identified series of recommendations to increase the resilience of the payment system infrastructure and work-streams to encourage the usage of electronic payment methods.

Since then, the country has continued to introduce initiatives that would help simplify payments and deepen financial inclusion.

Credit: Nairametrics

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