The Central Bank of Nigeria has agreed to start a new collateral regime which will balance the transactional level of all parties involved in its system.
This was disclosed by the CBN’s Director of Payments System Management Department, Mr. Sam Okojere, at the Lagos Fintech Week 2019, last week.
Mr. Sam Okojere, said in line with the new collateral management regime, both incumbents and new entrants would operate without unnecessary collateral burden.
He added that plans are ongoing for a fintech enterprise support scheme to grant inexpensive fund support to firms that are participating in the payments ecosystem.
“Also, of concern, is the dilemma in balancing security and convenience in product design. Operators often lean towards simplicity in product design at the expense of security,” he further added.
Speaking at the event, the Chief Executive Officer, Xpress Payment Solutions, Oluwadare Owolabi, noted that as a brand, the focus of the company was to provide end-to-end experience and smarter ways of doing things for clients.
Owolabi noted that, fintechs have been able to innovate, collaborate and ensure that there are products that meets the needs of the consumers, because of changing behavioral patterns.
He added that a decade ago, the e-Payment space provided what the customers wanted, but that has recently changed as the customer determines what they want, “we have a platform which is the value added services platform and there we talk about lifestyle”.