Regarding fintech companies, Governor Cardoso explained the CBN’s move to tighten regulations around their operations.
He emphasized that this was not intended to disrupt their business but to ensure that the Nigerian public reaps maximum benefits from the sector.
“The fintechs have not been singled out for any exceptional treatment. On the contrary, we are very proud of what the fintechs have achieved for the country and the positive impact they have had both locally and globally,” Cardoso stated.
“Our goal is to support them and help strengthen their accomplishments.”
However, he noted that the CBN is concerned about illicit financial flows and money laundering within the sector, necessitating increased surveillance.
Cardoso assured that despite the stricter regulatory guidelines, no fintech organization has had its license revoked by the CBN.
“We have had conversations with several fintechs and explained the need for them to reassess their operations and strengthen their frameworks,” he explained.
