The Central Bank of Nigeria (CBN), Olayemi Cardoso has given the reasons behind their continuous interactions with, and regulations for, financial technology companies (fintechs)

The CBN governor, Olayemi Cardoso, made the disclosure in Abuja on Tuesday, May 21, 2024, while announcing the new interest rate.

Recall that with efforts to tackle inflation and achieve price stability, the CBN raised its benchmark interest rate, the Monetary Policy Rate (MPR) by 150 basis points to 26.25 percent from 24.75 percent. This makes it the third raise in less than three months.

The CBN governor, Mr Cardoso, added that the inflationary challenges cannot be tackled with by magic.

He however continued that he was optimistic that the various tools used by the apex bank to tame inflation and create a stable foreign exchange market would yield desired results.

Mr Cardoso said: “The Fintechs have definitely not been singled out for any exceptional kind of treatment.

“On the contrary we are very proud of what the Fintechs, over the years, have been able to do for the country and the positive impact it has been having not just in the country but worldwide.

“It is for us to support them and help them to strengthen what they have been able to accomplish.”

Cardoso also disclosed that despite the increase in regulatory guidelines, no Fintech organization has had its licence revoked by the central bank.

He said: “We have had conversations with a number of them. And we have explained the need for them take another look at what they are doing and the need to strengthen them.”

BEB