CBN Introduces New Digital Payment Framework to Drive Financial Inclusion
The Central Bank of Nigeria has released a new regulatory framework for digital payments that introduces tiered licensing for fintech companies and establishes interoperability req...
The Central Bank of Nigeria has released a new regulatory framework for digital payments that introduces tiered licensing for fintech companies and establishes interoperability requirements across all payment platforms.
Governor Yemi Cardoso said the framework was designed to bring the remaining 38 million unbanked Nigerians into the formal financial system.
Key provisions include a mandatory basic savings account openable with a National Identification Number alone and fee caps on small-value transactions.
The Fintech Association of Nigeria broadly welcomed the framework but raised concerns about capital requirements for smaller operators.
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