NIGERIA – EMTECH, a Fintech for Central Banks, has partnered with Global InfoSwift (GIC), a leading IT services provider, to launch a new Nigeria-based partnership to deliver capacity building for banks and fintechs.
The partnership will deliver in Central Bank Digital Currency (CBDC), Regulatory Sandbox Framework, and API & Open Banking.
This partnership will enable Nigerian regulators, banks and local fintechs to accelerate the transformative changes seen in the evolving financial services regulatory environment.
African central banks are moving forward with their innovation and digitization efforts across the continent, and with change, there is a need for collaboration and regulatory frameworks to enable successful outcomes that will impact more than one billion Africans across the continent.
This program is set to launch in the next 90 days with engagements of key stakeholders across the Nigerian ecosystem.
“We are positioned to serve as a bridge between the regulator and regulated within the financial services industry by providing modern technology platforms and tools to enable an inclusive and resilient financial market.
“That’s always been our mission and we’re doing so with our Modern Central Bank Sandbox™ Platform and a Modern CBDC Platform built with an Open Banking architecture. With that, we recognize the need to complement this by providing enhanced education and understanding of the impact of technological innovation on regulatory and policy approaches to the ecosystem players.”
The Capacity Building Program will facilitate the convergence of knowledge on innovative solutions – enabling supervisory agencies’ regulatory frameworks to foster innovation, financial inclusion and financial system resilience as well as compliance of financial service providers’ (FSPs) emerging product and business models with relevant regulatory and consumer protection requirements.
“The program will provide deep and broad-based insights on Central Bank Digital Currency, Regulatory Sandbox Framework, and API & Open Banking,” said Tunji Odumuboni, Executive Director – Africa, EMTECH.
“These three domains were selected as they represent the core pillars enabling regulators and innovative financial services providers with the tools to enhance financial inclusion while fostering resilience of the entire financial market infrastructure.”
The program will offer global perspectives tailored for the nuances of the Nigerian financial ecosystem as a whole and individual players on the selected knowledge domains.
“We are delighted to join forces with GIC because of their expertise and experience in facilitating technology–related capacity building programs for different players within the Financial Services regulatory environment, including regulators and financial service providers,” added Odumuboni.
“We are excited to team up with EMTECH, who have hands-on experience with their API-led Modern Regulatory Sandbox™ Platform, in enabling Central Banks and other financial services regulators in getting actionable regulatory insights into the broad ecosystem of private-sector innovators while accelerating the readiness of fintechs for regulatory reviews and go-to-market approvals.”