The Central Bank of Nigeria (CBN) on Tuesday said it was working on getting operational framework that will improve the security and operation of financial technology firms.

CBN Deputy Governor, Financial System Stability, Mrs. Aishah Ahmad, who disclosed this at the Nigerian Fintech Week held in Lagos, said the regulator was planning more infrastructure in the sector adding that Fintech will help boost financial inclusion.

According to her, Fintech will also boost credit access and promote economic growth.

She said the financial sector had seen disruptions in the savings space and disruptions in the micro-lending space. Therefore, Fintechs are not organisations that the CBN was not aware of, hence the need to them.

He said the CBN was trying to finalise the incubation of some of these companies and also watch what they are doing.

Also speaking, Acting Director-General, Securities and Exchange Commission, Ms. Mary Uduk said there was need to expand access to finance, find new ways to raise capital, enhance financial inclusion and foster increased participation in the capital market through Fintech.

She said she was confident that together, the industry would surmount the challenges in the sector and explore opportunities in Fintech.

“It is our belief that this policy document will broaden the robust conversation and engagements within the ecosystem, encourage responsible use of new technologies and digital finance in the capital market, influence increased international participation & cooperation, and also provide investors with more choices in the Nigerian Capital Market”, she said.

Uduk said the SEC is looking to adopt regulatory and supervisory practices for orderly development and stability of the system, as it will pay close attention to sustaining confidence and safeguarding the integrity of our market.