‘CBN Will Not Compromise Regulatory Standards’

The Central Bank of Nigeria (CBN) has assured that it would continue to protect the depositors against fraudsters.

Speaking at the second day of the 31st seminar for Finance Correspondents and Business Editors Thursday in Enugu, the Director Banking Supervision Department, CBN, Mustapha Haruna said that the apex bank will not compromise on its professionalism as it continues to regulate FinTechs.

According to him, with the exponential growth of FinTech, it was important that the CBN also up it’s the supervisory role to do that the financial system is not disrupted.

The Director noted that despite the fears being expressed by Nigerians, the industry regulator would not lower it’s standard.  .

“The CBN is mindful of the increasing threat to customers data by FinTechs activities and it would continue to come up with efficient and innovative ways to better supervise them,’ he said. .

In his presentation on the role of media in promoting an effective payment system, Editor of ThisDay Newspapers, Shaka Momodu, who was represented by Christian Ochiama, said the media can be partners with the apex bank without necessarily compromising professionalism.

Ochiama, who noted that the media operates from a position of knowledge  said as opinion molders, the media must reciprocate the trust citizens bytheough our reportage. According to him, “you can inspire citizens buy-in in the new payment system,” he said. .He urged editors and correspondents to be ready to provide information at all times, as according to him. “the media must be ready to partner with the CBN.”