The Central Bank of Nigeria has moved to strengthen governance standards and regulatory oversight in Nigeria’s non-interest financial sector amid growing concerns over compliance risks, operational vulnerabilities and the rapid expansion of Islamic fintech services.
At the 2nd Annual Interactive Session between the CBN Financial Regulation Advisory Council of Experts (FRACE) and Advisory Committees of Experts (ACE) of Non-Interest Financial Institutions held in Abuja, the apex bank said stronger governance frameworks had become critical to sustaining investor confidence, financial stability, and the credibility of the country’s expanding non-interest finance ecosystem.
Speaking at the session on behalf of the Deputy Governor, Financial System Stability, Philip Ikeazor, the Director of Financial Policy and Regulation Department, Rita Ijeoma Sike, described the engagement as a strategic platform for strengthening the resilience and soundness of the industry.
According to Ikeazor, the session builds on the foundation laid during the inaugural engagement and reflects the CBN’s commitment to promoting a “sound, credible and resilient non-interest financial system anchored on robust governance, effective compliance and prudent risk management.”
