CBN urges fintech firms, others to maintain standards

The Central Bank of Nigeria has urged financial technology companies, payment service providers and deposit money banks to maintain standards as they offer payment solutions to their customers.

The Director, Payment Systems Management Department, CBN, Mr Samuel Okojere, spoke in Lagos during the corporate launch of Xpress Payment Solutions Limited, according to a statement.

Okojere, who was represented by the Deputy Director, Payments System Policy and Oversight, CBN, Mr Musa Jimoh, explained that the CBN was trying to build an ecosystem that would allow everyone to have equal opportunity to present and run their own system.

This, he said, led to the introduction of fintech companies into payment system with the aim of deepening financial inclusion in Nigeria.

The statement by Xpress Payment quoted Okojere as saying that the CBN made a commitment in 2011 to bring those that were outside the banking sector closer.

He said, “What does the CBN expect from the operators in the financial payment service providers? Number one is compliance with set standards. This is the only thing that can make you integrate to global best practices. If you are not complying with regulation, you cannot connect with the local one. There are rules that guide this service that we provide in Nigeria and also in the world.

“It is our joy today that our cards can go anywhere in the world and is being used. This is because we comply with the best practices, and I’m happy to hear that Xpress Payments has also competed in certification on PCIDSS.”

The Managing Director/Chief Executive Officer, Xpress Payment Solutions, Oluwadare Owolabi, noted that every sector of human endeavour in the globe had been extensively characterised by technological disruption.

He said, “The need to satisfy the ever-increasing demands of customers for better service quality and innovations that work within the e-Payment industry coupled with this technological revolution created the dream that necessitated the birth of the company we are celebrating today.

“Consequently, distinguished guests, we started the journey with a clear focus and understanding of the needs of our target markets which formed the bedrock of our core business drivers: Easy, Fast, Secure. With these, our aim was to provide a stress-free experience for you by creating solutions that enable smarter living. This we knew from the onset can only be realised by the assemblage of experienced and exceptional team and deployment of the cutting, edge technology.”

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