Mrs Rakiyat Mohammed, Director of the Central Bank of Nigeria’s Information Technology Department, has stated that the banking authority will create a digital currency by the end of 2021. Muhammed made the announcement during a news conference following the Bankers’ Committee meeting on Thursday. “As I stated before the end of the year, the Central Bank will make a special announcement and possibly launch a pilot scheme to be able to provide this type of currency to its citizens,” she said. She stated that approximately 80% of central banks around the world were looking into the prospect of releasing central […]
The digitalisation of financial products and services, and the consequent need to strengthen digital financial literacy has become an important component of the global policy-making agenda. This guidance aims to identify and promote effective initiatives that enhance digital and financial literacy in light of the unique characteristics, advantages, and risks of digital financial services and channels.
The increasingly digital environment for financial products and services and the potential for digitalisation to support greater financial inclusion and inclusive growth, makes effective financial consumer protection more important than ever. This policy guidance focuses on areas related to the role of oversight bodies and disclosure and transparency.