Ibrahim Olukotun
2 July, 2013
The Central Bank of Nigeria, CBN has hinted on its plan to deploy new sets of applications to support its regulatory functions. According to the apex, this is required to ensure financial system stability in the country. CBN revealed this recently in a statement.
The project which is being undertaken in conjunction with the Nigeria Deposit Insurance Corporation (NDIC) will ensure a robust, more efficient, more effective, harmonized and consistent regulatory framework for financial System in Nigeria, the apex bank said.
The integrated regulatory application project according to CBN seeks to modernize the regulatory framework which will cater for all the regulatory frameworks currently adopted for the country like BASEL II & III, International Financial Reporting Standards (IFRS) and Anti Money Laundering among others.
The proposed applications which the apex describes as “highly flexible” will respond to policy changes and seamlessly interface with other systems. It will also ensure all onsite supervision functions are fully automated to improve the quality of data which feed to the Management decision process, the bank adds.
The bank also states that the project seeks to initiate a new regime of more effective regulatory oversight on all foreign inflows and outflows cash into the country including forensic capabilities. The applications system also seeks to effectively manage Nigerian borrowers’ profile.
The Central Bank of Nigeria, CBN in recent times has been championing a number of initiatives aimed at stabilizing the economy. Notable is the cashless policy which encourages electronic payment system instead of cash. The pilot scheme of the policy which started in Lagos witnessed reasonable acceptance from the public. The policy has been extended to five more states namely; Ogun, Anambra, Abia, Kano Rivers and Federal Capital Territory, FCT Abuja.
