The capacity of financial services regulators and policy makers to develop an enabling environment for innovation and financial inclusion is an essential part of the development of the financial sector.
EFInA works closely with regulators and policy makers in Nigeria to foster an environment that supports the growth and development of innovative inclusive financial services for the unbanked and under-banked.
EFInA believes that:
- Financial inclusion should be a major objective of financial regulators.
- Regulators should establish environments that allow a diverse range of institutions to provide a variety of financial products and services
- Regulators should be flexible in their approach; they must mitigate risks without limiting innovation
- Regulators should ensure that they adequately supervise financial services providers, so as to maintain stability and the integrity of the financial system
- Regulators should ensure that anti-money laundering and anti-terrorist financing regulations do not hinder access to financial services for poor people
- EFInA hosted the dissemination workshop for the Central Bank of Nigeria’s Mobile Payments Services Regulatory Framework, inviting regulators from Bangladesh, Kenya and Ghana to present the relevant regulations from their markets
- EFInA is a member of the Central Bank’s P2P Working Group which reviews issues pertaining to the development of mobile payments in Nigeria
- EFInA co-funded a workshop for the Central Bank to inform stakeholders of the requirements for applying for a Mobile Payments Licence
- EFInA sponsored independent auditors to conduct the Central Bank’s Mobile Payments Services pilot audit, which involved evaluating the performance of the scheme operators during the pilot
- EFInA is working closely with the Central Bank in the development of a national financial inclusion strategy
Non-interest (Islamic) Finance
- EFInA established a multi-stakeholder working group called the Nigerian Islamic Finance Working Group to address issues pertaining to the implementation and actualization of Non-interest (Islamic) finance in Nigeria. The group advocated for regulations, which resulted in the Non-Interest Banking Framework being issued by the Central Bank in January 2011
- EFInA is a member of the Central Bank’s Microfinance Advisory Board and provides input into policy related issues
- EFInA organised a study tour to Colombia for the Central Bank and EFInA’s Innovation Fund Committee members. The objective of the trip was to gain firsthand experience of increasing financial inclusion through agent banking
- EFInA sponsored a consumer protection workshop in conjunction with the Consumer Protection Council (CPC) to mark World Consumers Rights Day in 2010. EFInA developed consumer education brochures on ‘A Guide To Basic Banking Transactions’ and ‘You and Your ATM Card’ for participants
Follow our journey on promoting financial inclusion in Nigeria.