Ghana ahead of Nigeria in fintech regulation – Former CBN Governor tells Bawumia
Former Governor of Nigeria’s Central Bank, Mohammed Sanusi Lamido, has said Ghana has gotten ahead of Nigeria in regulation of financial technology companies [fintechs].
According to the former Governor, although both countries started with the same banking modules, Ghana’s Central Bank realising the limitations of the modules quickly changed them to more superior ones.
Sanusi Lamido made the assertions while praising the Vice-President Dr Mahamudu Bawumia, for his role in leading Ghana’s digitisation drive.
“I must say I am jealous because the Bank of Ghana has gotten ahead of the Central Bank of Nigeria on fintech and others,” Sanusi Lamido said.
“We all started with banking modules, but I think you quickly realised it was limited and you broke off. But I am happy with the path Central Bank of Nigeria is on now. The roles are being reversed and we are now copying from Ghana,” he stated.
Commending Ghana’s Central Bank for leading the way in digital payment systems, he added that Ghana’s success story has been due partly to Dr Bawumia’s enormous experience in banking and digital payment regulations.
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“Your Excellency, I have heard so many good things about your work in Ghana,” he told Bawumia.
“Your digital work I am aware of, because I happen to be on the global board of MTN and we have an operating office in Ghana, so we get reports in Johannesburg on what is happening in different countries. So, we do know what is happening in the digital space, fintechs and so on within Ghana,” Sanusi Lamido said.
Adding that, “I’m sure that [Ghana’s digitisation drive] was largely due to your input and experience from central banking and regulation of digital payments.”
The Emir of Kano, banker as well as an economist, who is in the country at the invitation of the leadership of the Muslim community to participate in a special end-of-year Quran recitation and prayers for sustainable peace in Ghana and the sub-region, called on the Vice President on Wednesday, December 30, in Accra.
The banker/economist is also a revered Islamic cleric with the title Khalifa. He is the spiritual head of the Tijjaniya order in Nigeria. He was Governor of the Central Bank of Nigeria before ascending the throne as Emir (king) of Kano.
