{"id":77732,"date":"2021-01-13T16:47:44","date_gmt":"2021-01-13T15:47:44","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=77732"},"modified":"2021-01-13T16:47:44","modified_gmt":"2021-01-13T15:47:44","slug":"cbn-releases-framework-to-ensure-safety-stability-of-nigerian-financial-system","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/cbn-releases-framework-to-ensure-safety-stability-of-nigerian-financial-system\/","title":{"rendered":"CBN releases framework to ensure safety,  stability of Nigerian Financial System"},"content":{"rendered":"<div dir=\"ltr\">The Central Bank of Nigeria (CBN) has released the Framework for<\/div>\n<div dir=\"ltr\">Regulatory Sandbox Operations, to ensure the safety and stability of the<\/div>\n<div dir=\"ltr\">Nigerian Financial System, among other things.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">It is also to promote the use and adoption of electronic payments and<\/div>\n<div dir=\"ltr\">foster innovation in the payments system.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">The CBN released the structure on its website on Wednesday and said one<\/div>\n<div dir=\"ltr\">of the objectives was to increase the potential for innovative business<\/div>\n<div dir=\"ltr\">models that advance financial inclusion.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">The bank explained that it came up with the structure to ensure new and<\/div>\n<div dir=\"ltr\">more flexible ways of engaging with the banking industry.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">This, it said, is in view of increasing consumer appetite for payment<\/div>\n<div dir=\"ltr\">solutions and emerging disruptive technology in the financial services<\/div>\n<div dir=\"ltr\">space.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">It said that the structure would enable the Bank stay abreast of<\/div>\n<div dir=\"ltr\">innovations while promoting a safe, reliable and efficient Payments<\/div>\n<div dir=\"ltr\">System to foster innovation without compromising on the delivery of its<\/div>\n<div dir=\"ltr\">mandate.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">\u201cThis Framework, therefore, defines the establishment, rules and<\/div>\n<div dir=\"ltr\">operations of a Regulatory Sandbox for the Nigerian Payments System to<\/div>\n<div dir=\"ltr\">promote effective competition, embrace new technology, encourage<\/div>\n<div dir=\"ltr\">Financial Inclusion and improve customer experience, with a view to<\/div>\n<div dir=\"ltr\">engendering public confidence in the Financial System,\u201d it said.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">The bank explained also that the structure was to reduce time-to-market<\/div>\n<div dir=\"ltr\">for innovative products, services, and business models.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">According to CBN, the framework will increase competition, widen<\/div>\n<div dir=\"ltr\">consumers\u2019 choice and lower costs.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">It also said that it would ensure appropriate consumer protection<\/div>\n<div dir=\"ltr\">safeguards in innovative products.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">The CBN said that the structure would clearly define the roles and<\/div>\n<div dir=\"ltr\">responsibilities of stakeholders and the operations of the Sandbox for<\/div>\n<div dir=\"ltr\">the Nigerian Payments System industry.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">The apex bank added that the framework would ensure adequate provisions<\/div>\n<div dir=\"ltr\">in regulations to create an enabling environment for innovation without<\/div>\n<div dir=\"ltr\">compromising on safety for consumers and the overall payments system.<\/div>\n<div dir=\"ltr\"><\/div>\n<div dir=\"ltr\">Besides, it said that it would provide an avenue for regulatory<\/div>\n<div dir=\"ltr\">engagement with FinTech firms in the payment space, while contributing<\/div>\n<div dir=\"ltr\">to economic growth.(NAN)<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) has released the Framework for Regulatory Sandbox Operations, to ensure the safety and stability of the Nigerian Financial System, among other things. It is&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":67910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-77732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CBN releases framework to ensure safety, stability of Nigerian Financial System - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/cbn-releases-framework-to-ensure-safety-stability-of-nigerian-financial-system\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN releases framework to ensure safety, stability of Nigerian Financial System - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria (CBN) has released the Framework for Regulatory Sandbox Operations, to ensure the safety and stability of the Nigerian Financial System, among other things. 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