EMTECH, an award winning fintech for Central Banks and Global InfoSwift (GIC) have announced a partnership to provide capacity building programs for Nigerian financial services regulators and providers.
The development capacities program focuses on three main and interconnected areas namely; Central Bank Digital Currency (CBDC), Regulatory Sandbox Framework and Application Programming Interface (API) & Open Bank.
Notably, the partnership hinges on enabling Nigerian regulators and local fintechs to accelerate the transformation in the financial services space.
Carmelle Cadet, the Founder and CEO, EMTECH, said of the Capacity Building Program, “EMTECH is pioneering a new approach as a Fintech for Central Banks and other financial services regulators and financial services providers.
“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.
Furthermore, this initiative allows for recognition of the need to complement efforts by providing enhanced understanding of the impact of technological innovation on regulatory and policy approaches to the ecosystem players, she indicated.
She noted that African central banks are moving forward with their innovation and digitization efforts across the continent. By anticipating change, there is a need for collaboration and regulatory frameworks.”
More so, this is to enable positive outcomes that will impact over billion Africans across the continent, she emphasized. The program will come-off the next 3 months (90 days) with the engagement of key stakeholders across the Nigerian ecosystem.
Merits of the Capacity Building Program
Moreover, the capacity building program will facilitate the convergence of knowledge and innovative ideas and solutions. Thereby, enabling regulators the ability to foster innovation, financial inclusion and financial system resilience.
Also, Mr Tunji Odumuboni, the Executive Director of EMTECH-Africa highlighted the reason behind the selection of the core pillars. He noted that they represent the pillars enabling regulators and financial services providers the tools for financial inclusion. Furthermore, he mentioned that they better suit fostering resilience of the entire financial market structure.
“We are delighted to join forces with GIC. [This is] because of their expertise and experience in facilitating technology-related capacity building programs for different players within the Financial Services regulatory environment.”
Adeola Azeez, Independent Non-Executive Director Global InfoSwift highlighted that:
“New technologies help us level up our lives. Rapid advances in financial innovations (FinTech) provide new opportunities for financial services and allow new products, services and players to enter markets.
“FinTech is able to strengthen financial development, inclusion and efficiency both domestically and globally. With this, it forces the modern financial community to face new challenges in regulation…
“There is therefore a need to consistently build capacity as technology evolves. The partnership with EMTECH is very timely to enable us bridge the knowledge gap within the financial ecosystem.”
Adeola Azeez, Independent Non-Executive Director Global InfoSwift
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