EMTECH, a fintech for central banks, and Global InfoSwift (GIC) have partnered to transform the financial services regulatory environment in Nigeria.
This partnership aims to offer capacity building in three core areas: Central Bank Digital Currency (CBDC), Regulatory Sandbox Framework, and API & Open Banking.
The firms expect the collaboration to help Nigerian regulators, banks and local fintech firms accelerate the changes in the financial services regulatory environment.
EMTECH and Global InfoSwift plan to launch the programme in the next 90 days.
The firms noted that the capacity building programme ‘will offer global perspectives tailored for the nuances of the Nigerian financial ecosystem as a whole and individual players on the selected knowledge domains.’
MTECH founder and CEO Carmelle Cadet said: “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.
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“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.”
Global InfoSwift founder and CEO Afolabi Oke said: “We are excited to team up with EMTECH, who have hands-on experience with their API-led Modern Regulatory Sandbox™ Platform, in enabling Central Banks and other financial services regulators in getting actionable regulatory insights into the broad ecosystem of private-sector innovators while accelerating the readiness of fintechs for regulatory reviews and go-to-market approvals.”
In other banking news from Nigeria, last week, Wema Bank revealed that it is seeking M&A opportunities and plans $97m capital raise through rights issue.
In July, digital banking start-up Kuda Bank raised $50m in a Series B funding round.