CBN promises better business regulations for start-ups

[FILE PHOTO] Central Bank of Nigeria's (CBN) governor Godwin Emefiele

The Central Bank of Nigeria (CBN) has said it will provide a flexible regulatory benchmark for tech start-ups and entrepreneurs to test business ideas on viability and get easy access to funds.

This, the apex bank said is in line with its support for start-ups who have business ideas and solutions but lack funds and immediate ability to meet up the stringent regulation requirements.

CBN further charged start-ups to contact them for business advice and support as it is set to provide an enabling environment that will deepen technology growth.

Deputy Director, Banking and Payments System Department, CBN, Taiwo Oladimeji, said innovation, which necessarily do not mean invention, is germane to unlock opportunities and increase competitive edge in all discipline.

He added that there is need for cyber security 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.