Osinbajo: 'CBN must recognise that Fintechs, payment platforms are here to stay'

Financial inclusion is a key component of the federal government's economic recovery plan, the vice president says.

CBN Governor, Godwin Emefiele (M), Minister of Finance, Budget and National Planning, Zainab Usman (L) and Vice President Yemi Osinbajo. [Twitter/@NGRPresident]

Vice President Yemi Osinbajo has charged the banking and finance sector to take advantage of new opportunities and adapt to domestic and international developments.

Financial technology and payment firms have become a burgeoning part of Nigeria's money ecosystem.

However, the regulator Central Bank of Nigeria (CBN) and the Nigerian government at large, have been at a loss on how to deal with some of these firms driven by young people.

Speaking at the opening session of the 14th Annual Banking and Finance Conference themed: “Economic Recovery, Inclusion, and Transformation, the role of Banking and Finance," in Abuja on Tuesday, September 14, the vice president said:

“It is time for the sector to take on some of the transformative big-ticket items that would fundamentally transform our economy. Such matters include consumer finance but housing finance in particular.”

The vice president added that: “Going forward, the banking and finance sector must take advantage of the new opportunities that are opening up and also adapt to domestic and international developments.

“The rapid changes in the technology sector mean that financial technology companies and payment service companies are now an inescapable part of the banking and financial landscape.”

The vice president also said that financial inclusion is critical to the federal government's economic recovery programme.

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