FITC was established in 1981 as a Limited by Guarantee not for profit professional services organisation, based on the Company’s Act of 1968. It was created in response to the recommendations of the Pius Okigbo Committee, which was set-up by the Federal Government of Nigeria in 1976, to review the Nigerian financial system. FITC’s Institutional Members are members of the Nigerian Banker’s Committee, comprises of the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation and all licensed banks in Nigeria.
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Digital Financial Service (DFS)
November 25, 2024 @ 9:00 AM - November 29, 2024 @ 5:00 PM
BACKGROUND
The last decade has seen a wave of innovations in financial services, particularly aimed at serving the unbanked populations in emerging markets. Low-income individuals, microentrepreneurs and rural populations that were previously left out of the financial service are now accessing financial services through mobile phones and networks of agents acting as representatives of financial service providers. This has resulted in a remarkably rapid increase in financial inclusion.
As strategic as Digital Financial Services (DFS) is in increasing access and reach of basic financial services to the under banked population in Africa through innovative financial technologies and platforms, it also come with exposure to new risks for the whole ecosystem. These risks extend beyond operational and technical challenges to include emerging and often unforeseen risks.
For the financial system to be able to leverage fully on the benefits of digital financial services, it is important that the accompanying risks are understood and adequately addressed. It is therefore expedient for the regulators to establish a comprehensive DFS risk management framework to supervise the players in this evolving landscape.
The players: Banks, FinTechs, and MNOs etc on the other hand stands to profit from this framework only when
they understand the requirements and ensure full compliance. It will further help them to thrive in a rapidly
evolving digital financial landscape while contributing to the stability and security of the financial system.
This course is designed to equip participants with the ability to develop robust frameworks for the effective
management of risks in DFS, ensuring its sustainability and security. It will also help players in the industry grasp a
deep understanding of these regulatory frameworks and the compliance requirements needed to succeed in the
ecosystem.
LEARNING OBJECTIVES
- Identify the associated and emerging risks in digital financial operations
- Explore strategies for embedding financial stability within DFS
- Apply key principles to design supervisory frameworks for DFS providers
- Analyze policy issues to effectively regulate and supervise DFS.