rise in disruptive banking technology disturbing – Emefiele

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele yesterday stressed that the rapid evolution of financial technology (fintech) companies has continued to alter the financial landscape globally.

He said developments have continued to disrupt traditional ways of offering financial services in the banking landscape, describing the disruptions as, “very disturbing.”

However, in an apparent response to the concern raised by Emefiele, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has challenged the financial sector regulators including the CBN and the Nigeria Deposit Insurance Corporation (NDIC) to sharpen their regulatory tool kits to enable them respond to any potential financial crisis arising from the activities of fintechs, among others.