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CBN steps up CMR to drive regulatory framework on FinTech

As Financial Technology (FinTech) continues to show serious growth and consolidation in driving seamless digital payment system in Nigeria, the Central Bank of Nigeria (CBN) has repositioned to harness the sub-sector with secured control for safety purposes.
Accordingly, the bank has come up with what it called Collateral Management Regime (CMR) to regulate the activities of Fintech firms and startups in the country.
Recall that earlier last month, CBN revealed having set up a special department to monitor activities in the industry for the safety of Nigerians and operating systems.
In his Keynote address at the Lagos Fintech Week in Lagos, the Director, Payments System Management Department at the apex bank, Sam Okojere, said “CMR is being developed in line with on-going efforts to evolve a robust collateral management regime which will be proportionate to transactional level of participants within the payment system.”
Okojere, who stood in for the Governor of the CBN, noted that the key target of the CMR is to eliminate any form of breaches resulting from operating without unnecessary collateral burden.
CBN averred that the CMR will from time to time, issue regulatory terms and conditions to drive the segment to sustainable future devoid of losses and distrust.