The Central Bank of Nigeria (CBN) has reaffirmed its preference for a bank-led digital financial services rather than what is obtained in other climes where telecommunications companies are the major providers of such services.
Godwin Emefiele, the CBN Governor, disclosed the position of the apex bank, while responding to questions at a one-day summit on realising the potentials of digital financial services in Nigeria organised by Businessday in Lagos.
He said: “Every environment poses its own challenge. If we rely on the telcos and people lose money, it could become a problem. “There is however the need for strong collaboration between the telcos and the financial institutions with some kind of revenue sharing formula since these financial institutions will drive this initiative through their platform.”
Emefiele explained that digital financial services could also bring about substantial benefits for financial services providers, and the economy as a whole, beyond financial inclusion, and boost a country’s GDP significantly and more sustainably.