Financial technology (fintech) businesses, according to CBN Governor Godwin Emefiele, are upending the banking industry.
However, according to the CBN governor, interested fintechs can open banks by depositing N25 billion.
“As a part of the financial safety-net structure, our deposit insurance system (DIS) is the risk-minimizer model; and has been quite successful in carrying out its purpose”.
The CBN and NDIC are important parts of Nigeria’s financial safety net, Emefiele continued. Emefiele asked the IADI-ARC to further up its advocacy by encouraging numerous African nations to join the group of nations with DIS; noting that doing so would significantly improve the continental and regional financial systems for the sake of everyone.