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CBN: We’ll deploy tech to improve financial inclusion

The Central Bank of Nigeria (CBN) yesterday reiterated its resolve to deploy technology towards bringing more unbanked Nigerians into the banking space. Deputy Governor of…

The Central Bank of Nigeria (CBN) yesterday reiterated its resolve to deploy technology towards bringing more unbanked Nigerians into the banking space.

Deputy Governor of the apex bank Ade Shonubi spoke in Lagos during the launch of the Nigerian Industry Innovation Sandbox, at the sidelines of the EFInA Financial Inclusion Conference in Lagos.

The sandbox is the brainchild of Financial Services Innovators (FSI), a community of fintech enthusiasts passionate about driving innovation in the financial services industry.

The effort, which is supported by over N250 million in multi-year grants from Flourish and EFInA, is intended to lower the barriers to innovation within the financial services ecosystem.

The CBN deputy governor said, “Like people, countries must evolve. We must create an environment which enables our people, young and old, as well as the country take control of our tech future.”

Shonubi, who said the CBN had in the last three years been deploying technology towards deepening financial inclusion, noted that many other West African countries were already copying from the various innovations introduced in the banking system.

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