Nigerian central bank tightens payments system supervision
Payments firms must set up boards to create proper risk management systems, central bank says
The Central Bank of Nigeria is imposing a new risk management framework on users of the country’s payments systems, it announced on January 6.
The CBN is ordering payments firms to set up their own boards to create proper risk-management frameworks, which it will oversee. Its move follows its recent decision to encourage more mobile payments operators to enter the country’s market. Nigeria has lagged behind many other African countries in adopting mobile payments systems, which have transformed
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