Fintech Association Backs CBN Banking Reforms to Strengthen Security and Trust
The FinTech Association of Nigeria has voiced strong support for recent banking reforms introduced by the Central Bank of Nigeria (CBN), emphasizing that the measures will improve security, curb fraud, and increase public trust in the financial sector. Mr. Oluwaseun Adesanya, the association’s National Treasurer, spoke to the News Agency of Nigeria (NAN) in Lagos about the positive impact of the reforms.
Adesanya shared his insights during an induction and award ceremony organized by the Chartered Institute of Bankers of Nigeria (CIBN), highlighting the significance of the new policies in safeguarding Nigeria’s financial ecosystem. The CBN recently implemented rules, such as restricting banking applications to a single device, aimed at tightening security for digital banking users.
According to Adesanya, the reforms are designed to protect customers and fortify confidence in digital banking platforms. “These policies are critical to maintaining the integrity of our financial system and ensuring that customers feel safe when using digital banking services,” he said, stressing the long-term benefits for both institutions and users.
Beyond security, the FinTech leader noted that the measures could help banks reduce losses from non-performing loans by strengthening credit facility frameworks. By enforcing stricter operational standards, the reforms aim to promote financial stability and minimize risky lending practices.
Adesanya concluded that the CBN’s initiatives would create a safer and more trustworthy environment for all stakeholders in the financial services industry. He described the reforms as a major step toward bringing more “sanity” to Nigeria’s banking sector and enhancing overall confidence in the country’s digital financial services.
source: newtelegraph