EMTECH and GIC ‘Capacity Building Program’ partnership will drive innovation and collaboration in the Nigerian financial services regulatory environment
NEW YORK & LAGOS, Nigeria, August 16, 2021--(BUSINESS WIRE)--EMTECH, a Fintech for Central Banks, and Global InfoSwift (GIC) today announced a new Nigeria-based partnership to deliver capacity building in three core and interrelated areas: Central Bank Digital Currency (CBDC), Regulatory Sandbox Framework, and API & Open Banking.
This partnership will enable Nigerian regulators, banks and local fintechs to accelerate the transformative changes seen in the evolving financial services regulatory environment. African central banks are moving forward with their innovation and digitization efforts across the continent, and with change, there is a need for collaboration and regulatory frameworks to enable successful outcomes that will impact more than one billion Africans across the continent. This program is set to launch in the next 90 days with engagements of key stakeholders across the Nigerian ecosystem.
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. With that, we recognize the need to complement this by providing enhanced education and understanding of the impact of technological innovation on regulatory and policy approaches to the ecosystem players."
The Capacity Building Program will facilitate the convergence of knowledge on innovative solutions – enabling supervisory agencies’ regulatory frameworks to foster innovation, financial inclusion and financial system resilience as well as compliance of financial service providers’ (FSPs) emerging product and business models with relevant regulatory and consumer protection requirements.
"The program will provide deep and broad-based insights on Central Bank Digital Currency, Regulatory Sandbox Framework, and API & Open Banking," said Tunji Odumuboni, Executive Director – Africa, EMTECH. "These three domains were selected as they represent the core pillars enabling regulators and innovative financial services providers with the tools to enhance financial inclusion while fostering resilience of the entire financial market infrastructure," Odumuboni said.
The program will offer global perspectives tailored for the nuances of the Nigerian financial ecosystem as a whole and individual players on the selected knowledge domains.
"We are delighted to join forces with GIC because of their expertise and experience in facilitating technology–related capacity building programs for different players within the Financial Services regulatory environment, including regulators and financial service providers," said Odumuboni.
"Our objective is to provide this ‘Capacity Building Program’ to the entire financial services ecosystem in Nigeria," said Afolabi Oke, Founder and CEO, Global InfoSwift Consulting Ltd. "This means attracting all financial services regulatory agencies and all financial services providers, from commercial banks to fintechs," 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."
Adeola Azeez, Independent Non-Executive Director Global InfoSwift, said, "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, in particular associated with data privacy, consumer protection and operational risks. 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."
EMTECH develops easy to deploy, highly secure, cloud-based software for Central Banks to become more innovative, provide financial inclusion and build infrastructure resilience in the era of open banking and digital currency.
The EMTECH team brings a wealth of experience in emerging technologies, central banking, and regulatory and financial services technologies. With more than 25 years of expertise from IBM US, KPMG Nigeria, The U.S. Federal Reserve and West Africa Monetary Institute, EMTECH is trusted by central banks already, and actively engaged with over 10 central banks and regulators to enable their digitization journey with Digital Regulatory and Currency Platforms (Sandbox, CBDC). The firm is bringing an API-led model into central banking that enables cloud-based solutions to be deployed cost effectively and being able to service the multiple stakeholders engaged in financial services.
In June 2021 EMTECH was honored as the recipient of the prestigious "Finnovator of the Year" award by Central Banking Magazine.
About Global InfoSwift Consulting Limited
Global InfoSwift Consulting Limited (GIC) is an independent business entity with a proud and successful track record across a number of focused solution areas and client base, managed by a dedicated team who possess impeccable pedigree and expertise garnered over the years across various countries and industries. We are a leading provider of transformation, strategy, technology and outsourcing services. Our expertise and unique approach is the ability to abstract a model of the real-life problem that is intuitive to use, yet sufficiently realistic to support robust decision-making. These models are used to provide insight, and to quantify the risks and benefits associated with solutions to complex business problems. Our engagements draw on the experience and expertise of our consultants and partners to provide insight and advice to clients. Through our Consulting, Technology Solutions and Training Services, we develop value propositions to our clients by addressing industry evolution, business issues and trends, and applicable technologies – all enabling them to make an immediate and positive impact on their business performance.
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EMTECH Solutions, Inc.
Executive Director - Africa
Global InfoSwift Limited
+234 (0) 7062340010