The Central Bank of Nigeria has appointed 16 new directors to enhance oversight in banking supervision, payment systems, and consumer protection. This restructuring is aimed at improving compliance and addressing fraud risks in the sector. Key appointments include Dr. Olubukola Akinwunmi Akinniyi as director of banking supervision, Yusuf Rakiya Opeyemi leading payment supervision, and Aisha Isa-Olatinwo in consumer protection.
The Central Bank of Nigeria (CBN) has announced the appointment of 16 new directors, representing one of the most considerable leadership transformations in recent times. This significant change is aimed at enhancing oversight in critical areas such as banking supervision, payment systems, and consumer protection, as the financial sector faces increasing scrutiny from regulators.
These appointments follow the reinstatement of Jimoh Musa Itopa as director of the Payments System Management Department (PSMD). This department is responsible for regulating cashless initiatives and overseeing Nigeria’s open banking framework, indicating a broader restructuring effort at the central bank. The CBN’s focus on compliance and consumer protection comes amid rising fraud risks and regulatory challenges within the financial sector.
Dr. Olubukola Akinwunmi Akinniyi has been appointed as the director of banking supervision. Known for his amicable approach, Akinniyi’s role is vital as Nigerian banks are expected to support President Bola Tinubu’s initiative of achieving a $1 trillion economy. His leadership is crucial for effective oversight in the banking sector.
The newly established Payment System Supervision department will be headed by Yusuf Rakiya Opeyemi. This reorganization separates policy and supervisory functions into distinct units, a change prompted by the necessity for a more urgent response to the rise in fraud in the financial industry. This restructuring aims to eliminate previous bottlenecks in regulatory processes.
Aisha Isa-Olatinwo has been appointed as the new director of consumer protection. Given that bank customers often face unresolved disputes with financial institutions, her leadership is anticipated to bring a more stringent approach to consumer grievances. With a background in audits, Isa-Olatinwo is expected to enhance accountability among banks.
The recent leadership shakeup at the Central Bank of Nigeria underscores a pivotal shift towards more stringent regulatory oversight. With a renewed focus on compliance, policy formulation, and consumer protection, the new directors are poised to address the challenges facing the financial sector, ensuring better accountability and safeguarding consumer interests amidst rising fraud concerns. This restructuring marks a significant development in Nigeria’s financial landscape.
Original Source: techcabal.com
