Sunday, June 4, 2023
  • Home
  • TechBooky
  • Business
  • TV
  • Startup
TechBooky Africa
  • Home
  • TechBooky
  • Business
  • TV
  • Startup
  • Fintech/Finance
  • Login
No Result
View All Result
TechBooky Africa
Home Fintech/Finance

The CBN Reveals a Policy Update Dubbed “DFS” Applicable for FinTech.

Eni by Eni
July 11, 2022
in Fintech/Finance, Government
0

 

Related posts

TransferGo

TransferGo Collaborates With High Impact Careers To Upskill African Migrants.

June 3, 2023
INNODIP Rwanda

INNODIP Will Eradicate Unemployment In Rwanda By December 2023.

June 1, 2023

The Central Bank of Nigeria (CBN) has released outlined guidelines dubbed the Digital Financial Services (DFS) for the digital quarter of the financial sector. The CBN intends to regulate the FinTech sector that is grown to experience nonchalant regulatory commitment whereby the Nigerian FinTech startups have continued acting up in the diaspora. The CBN has consented to regulate the FinTech sector for FinTech providers to be aware of the consumer knowledge and practices via the Digital Financial Services (DFS).

The CBN is optimistic to actualize sane productivity in the industry to have updated the policies that authorize its regulatory office to scold FinTech providers for shirking its regulations. The DFS represents the CBN’s consent to drive knowledgeable prowess that serves as consumer protection as well as a guideline to nurture FinTech providers into good standing and cordial corporate indulgence. The CBN regulatory system remains keen on innovating the FinTech sector towards growth that is accessible to the Nigerian population.

The CBN noted the significance of the DFS as a simplified policy that mandates FinTech providers to integrate the DFS as an embedded tool to “ensure consumer understanding, good treatment, and positive outcomes.” The DFS is a simplified policy posing as a toolkit or a scripted manual for FinTech providers related to the DFS practicals such as Merchants Banks, Deposit Money Banks, Payment Service Banks, etc.

The preview of the CBN’s Digital Financial Services guidelines;

  • FinTech awareness and literacy standards for FinTech service providers;
  • To update transparency and adequate disclosure on DFS;
  • Provision of developmental financial literacy and consumer protection materials on DFS;
  • To ensure an evidence-driven DFS approach;
  • Drive targeted DFS approach to the underserved population;
  • Standardized promotional provision for DFS;
  • Integrating DFS in financial educational programmers.

It is worth noting that the DFS policy is applicable for FinTech providers that have gained a license from the CBN before promoting their business to the market. Also, note that the CBN scold unlicensed FinTech institution differently via DFS. 

The CBN regulatory system drafted the DFS policy to accelerate the indulgence and growth of the sector at large which explains why the regulatory institution is keen on driving awareness to educate FinTech providers in its sector to be upright.

Nonetheless, the CBN intends to differentiate the FinTech services from real-time financial services for users’ application of this financial instrument per user’s choice via the DFS. Although it still comes down to providing financial services — the channel differentiates it all. The CBN indulgences all FinTech providers to continue offering transparent services that also educate consumers about defaulting the CBN policies.

Techbooky.africa is certain about the CBN acting up as the apex bank because of the latest Flutterwave indulgence that once flagged the FinTech unicorn as a swindler and other scandalous related practices. Although Flutterwave has not lost its license, other diasporic regulatory agencies continue to reprimand Flutterwave due to past deeds. 

Still, Flutterwave consented to deny all allegations. Likewise, the CBN does not intend to scold the likes of Flutterwave or other related FinTech institutions but remains optimistic to drive a responsible practice via the DFS.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Share 0
Tags: cbnfintechpolicy
Previous Post

REVIEW: Samsung Galaxy S22 Ultra Specs & Price in Nigeria.

Next Post

Jumia and Realme Signs MoU to Leverage Smartphone Adoption in Africa via e-Commerce Penetration.

Next Post
Jumia and Realme Signs MoU to Leverage Smartphone Adoption in Africa via e-Commerce Penetration.

Jumia and Realme Signs MoU to Leverage Smartphone Adoption in Africa via e-Commerce Penetration.

RECOMMENDED NEWS

Airtel Africa Gets $200m To Invest In Network And Sales Infrastructure

Airtel Africa Gets $200m To Invest In Network And Sales Infrastructure

2 years ago
Startimes Tops Up Bouquet With New Content At No Extra Cost

Startimes Tops Up Bouquet With New Content At No Extra Cost

2 years ago
Airtel Africa Coffers $450M of its Parent Company’s Debt Ahead of Its Confidential Timing.

Airtel Africa Coffers $450M of its Parent Company’s Debt Ahead of In-House Confidential Countdown.

11 months ago
Vodacom Mozambique

Vodacom Debut 5G Broadband Connection In Mozambique.

4 weeks ago

FOLLOW US

  • 70.9k Followers

BROWSE BY CATEGORIES

  • App
  • Banking
  • Business
  • Cryptocurrency
  • Cybersecurity
  • East Africa
  • Economy
  • Enterprise
  • Event
  • Fintech/Finance
  • Funding
  • Gadget
  • Government
  • Insight
  • Internet
  • Investment
  • Nigerian/African Tech
  • North Africa
  • Personnel
  • Research/How to do it
  • Service
  • Social Media
  • Southern Africa
  • Startup
  • Telecom
  • Transport
  • Uncategorized
  • West Africa

BROWSE BY TOPICS

5g acquisition africa AI app banking CBDC cbn central bank of nigeria ChatGPT cloud cryptocurrency Crypto market cybersecurity e-commerce east africa ecommerce economy fintech funding Fundraising google government internet investment kenya License microsoft mtn ncc nigeria Partnership Regulator remittance ride hailing seed social media software south africa startup technology telecom twitter west africa whatsapp

Featured Categories

App
31 Posts
View Posts
Banking
18 Posts
View Posts
Business
15 Posts
View Posts
Cryptocurrency
35 Posts
View Posts
Cybersecurity
19 Posts
View Posts
East Africa
32 Posts
View Posts
Economy
18 Posts
View Posts
Enterprise
36 Posts
View Posts
Event
11 Posts
View Posts
Fintech/Finance
103 Posts
View Posts
Funding
32 Posts
View Posts
Gadget
13 Posts
View Posts
Government
68 Posts
View Posts
Insight
7 Posts
View Posts
Internet
23 Posts
View Posts
Investment
20 Posts
View Posts
Nigerian/African Tech
38 Posts
View Posts
North Africa
3 Posts
View Posts
Personnel
2 Posts
View Posts
Research/How to do it
4 Posts
View Posts
Service
23 Posts
View Posts
Social Media
32 Posts
View Posts
Southern Africa
20 Posts
View Posts
Startup
92 Posts
View Posts
Telecom
46 Posts
View Posts
Transport
17 Posts
View Posts
Uncategorized
2 Posts
View Posts
West Africa
50 Posts
View Posts
No Result
View All Result
Loading
  • WASSCE
    The WAEC Council Apprehended Website Administrator For WASSCE Leak.
    • June 4, 2023
  • Pixxel
    Google Led Pixxel Fund Raising Round To Close At $36 Million.
    • June 3, 2023
  • TransferGo
    TransferGo Collaborates With High Impact Careers To Upskill African Migrants.
    • June 3, 2023
  • FinTech NGR & Huawei Cloud
    Huawei Cloud Co-Signed The Nigerian FinTech Cloud Adoption White Paper With FinTech NGR
    • June 2, 2023
  • INNODIP Rwanda
    INNODIP Will Eradicate Unemployment In Rwanda By December 2023.
    • June 1, 2023
TechBooky Africa

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc.

Follow us on social media:

Recent News

  • The WAEC Council Apprehended Website Administrator For WASSCE Leak.
  • Google Led Pixxel Fund Raising Round To Close At $36 Million.
  • TransferGo Collaborates With High Impact Careers To Upskill African Migrants.

Category

  • App
  • Banking
  • Business
  • Cryptocurrency
  • Cybersecurity
  • East Africa
  • Economy
  • Enterprise
  • Event
  • Fintech/Finance
  • Funding
  • Gadget
  • Government
  • Insight
  • Internet
  • Investment
  • Nigerian/African Tech
  • North Africa
  • Personnel
  • Research/How to do it
  • Service
  • Social Media
  • Southern Africa
  • Startup
  • Telecom
  • Transport
  • Uncategorized
  • West Africa
  • Home
  • TechBooky
  • Business
  • Video
  • Contact Us

© 2022 Techbooky Africa .

No Result
View All Result
  • Home
  • TechBooky
  • Business
  • TV
  • Startup

© 2022 Techbooky Africa .

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In