The Central Bank of Nigeria has announced plans to conduct a review of its licensing framework for payment services.
This would lead to the development of a new regulatory and compliance framework for the payment service sector, the apex bank hinted.
The CBN Governor, Olayemi Cardoso, revealed this at the Chartered Institute of Bankers of Nigeria’s annual dinner in Lagos, held recently.
He noted that while technology would continue to play a critical role in delivering financial services and enhancing financial inclusion, the CBN was concerned about recent developments in the space.
He said, “Technology will continue to play a critical role in delivering financial services and enhancing financial inclusion. However, recent developments in the payment services landscape have raised concerns regarding the use of technology and the existing licensing and regulatory framework.”
Cardoso noted that the apex bank had observed that “some licensees are operating outside the approved activities, breaching the boundaries set for them. Any intentional or unintended non-compliance will be subject to sanctions, as operators have the responsibility to ensure that they are licensed for the activities they undertake”.
That he said called for a comprehensive review of the licensing framework of the space.
