DiutoCoinNews

Bitcoin, Cryptocurrency News in Nigeria And Africa

DiutoCoinNews Markets
FINTECH NEWS

CBN Reportedly Considering Blockchain Technology For Payment Opportunities.

Share this:

The Central Bank of Nigeria (CBN), is reportedly exploring the opportunities that abound with blockchain technology. 

According to Access Bank’s Executive Director of Operations and Technology, Mr Ade Bajomo, CBN through an inter-agency committee and the FinTech Association of Nigeria (FintechNGR) is exploring the opportunities of blockchain adoption for the financial sector of the economy.

Bajomo disclosed the new development in a recent interview with Arise TV’s ‘Arise Xchange. He said that FinTech offerings will be one of the key performance drivers for the banking sector post-COVID-19. He said the opportunities are endless for a sector that has been responsible for over N700 trillion worth of transactions over the last 12 months. “This trend is expected to continue even in a post-COVID-19 world.

“Moreover, a number of innovative solutions will be introduced in the payment sector. The key drivers of these innovative solutions will include contactless payments, biometric solutions for financial inclusion and the acceptance of blockchain technology as a viable platform for building on payments.” 

Read Also: CBN Releases Draft Framework for Regulatory Sandbox Operations on Emerging Technologies in the Payments Space.

“In my capacity as the president, I will ensure FintechNGR works collaboratively as a team to position Nigeria and ultimately, Africa, as a force to be reckoned with in the global community.

Nigeria has all the human resources it needs to be competitive in the global marketplace and this administration will strive to accelerate the growth of the industry and help create job opportunities and wealth.”

Quick Facts: Blockchain Technology is a system of recording information in a way that makes it difficult or impossible to temper with, change, or cheat the system. A blockchain is essentially a digital ledger of records that is duplicated and distributed across the entire network of computer systems on the blockchain. The first experimentation of Blockchain Technology is cryptocurrency (a digital or virtual currency that is not possible to counterfeit and double-spend).

Read Also: Follow DiutoCoinNews Market Insights on Twitter

During his days at Access Bank, Bajomo led the lender’s digital transformation, overseeing its use of advanced analytics, cloud computing, artificial intelligence, machine learning and robotics process automation to sustain banking and improve customer experience.

Register On Binance

 

Copyright DiutoCoinNews

All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from  DiutoCoinNews.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
Diutocoinnews Admin. Send all publications to info@diutocoinnews.com.ng
0
Would love your thoughts, please comment.x
()
x