Nigeria: Emefiele Warns Banks On Emerging Threats

May 23, 2018 | The Guardian; AllAfrica

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has charged banks and other financial institutions to be proactive about the emerging threats posed by financial technology (fintech) to avoid crisis in the sector.

The apex bank chief, who reiterated the reality of threats posed by fintech, called on members of the Chartered Institute of Bankers of Nigeria (CIBN) to be at the forefront of sensitisation in the banking industry to find lasting solutions. Emefiele stated this during the investiture of Uche Messiah Olowu as the 20th President and Chairman of Council of CIBN, over the weekend, in Lagos. Represented by his deputy, in-charge of Economic Policy, Uche Nnanna, the banker said: "In our industry we have common threat, the threat posed by fintech. I call on CIBN to up its ante. As far as advocacy is concerned, it should be your major focus, to find lasting solutions to the threats posed by fintech." Read more at AllAfrica.