CBN promises better business regulation for start-ups

The Central Bank of Nigeria (CBN) has announced that it will provide a flexible regulatory benchmark for start-up companies and tech-preneurs to test business ideas on viability and to gain easy access to funds.

The apex bank said it was in line with its support for start-ups that have business ideas and solutions, but lack funds and are not immediately able to meet stringent regulatory requirements.

CBN has also charged start-up companies to contact them for business advice and support, as they would create an environment conducive to accelerating technology growth.

Deputy Director, Banking and Payments System Department, CBN, Taiwo Oladimeji, said innovation, which does not necessarily mean invention, is essential to unlocking opportunities and increasing competitive advantage in all disciplines.

He added that there is the need for cybersecurity and viable regulations to be in place for innovation to thrive.

“Innovation is not about invention alone but also creativity. Hence, entrepreneurs without innovation will fade out as it is necessary to find a way to remain relevant in the changing global technology,” he added.