CBN Reportedly Considering Blockchain Technology For Payment Opportunities.

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The Central Bank of Nigeria (CBN), is reportedly exploring the opportunities that abound with blockchain technology.

According to Access Bank’s Executive Director of Operations and Technology, Mr Ade Bajomo, CBN through an inter-agency committee and the FinTech Association of Nigeria (FintechNGR) is exploring the opportunities of blockchain adoption for the financial sector of the economy.

Bajomo disclosed the new development in a recent interview with Arise TV’s ‘Arise Xchange. He said that FinTech offerings will be one of the key performance drivers for the banking sector post-COVID-19. He said the opportunities are endless for a sector that has been responsible for over N700 trillion worth of transactions over the last 12 months. “This trend is expected to continue even in a post-COVID-19 world.

“Moreover, a number of innovative solutions will be introduced in the payment sector. The key drivers of these innovative solutions will include contactless payments, biometric solutions for financial inclusion and the acceptance of blockchain technology as a viable platform for building on payments.”

“In my capacity as the president, I will ensure FintechNGR works collaboratively as a team to position Nigeria and ultimately, Africa, as a force to be reckoned with in the global community.

Nigeria has all the human resources it needs to be competitive in the global marketplace and this administration will strive to accelerate the growth of the industry and help create job opportunities and wealth.”

Quick Facts: Blockchain Technology is a system of recording information in a way that makes it difficult or impossible to temper with, change, or cheat the system. A blockchain is essentially a digital ledger of records that is duplicated and distributed across the entire network of computer systems on the blockchain. The first experimentation of Blockchain Technology is cryptocurrency (a digital or virtual currency that is not possible to counterfeit and double-spend).

During his days at Access Bank, Bajomo led the lender’s digital transformation, overseeing its use of advanced analytics, cloud computing, artificial intelligence, machine learning and robotics process automation to sustain banking and improve customer experience.