Former CBK Governor Patrick Njoroge Calls for World-Class Standards in Fintech
Patrick Njoroge, the former governor of the Central Bank of Kenya (CBK), emphasized the necessity for fintech operators to aspire to world-class standards in their operations. Speaking at BusinessDay’s Fintech event, themed “Fintech in Africa: Navigating Cross-Border Regulation,” Njoroge highlighted the evolving expectations within the industry.
During his keynote address, he asserted, “The era of mediocrity is over. Nigerian fintech operators must elevate their standards and ensure excellence in all aspects of their operations”.
Njoroge also stressed that achieving world-class status involves rigorous accountability for fintech and payment industry players, ensuring they meet their responsibilities and uphold high standards.
“In Africa, disconnection is now more of a feature than a bug. We need to hold all players accountable for their offerings because these disconnections impact the lives of millions of Africans”, he added.
The Former Governor of the Central Bank of Kenya emphasized the importance of fostering borderless innovation across the continent. He remarked, “While innovation boundaries are starting to erode, the pace isn’t quick enough, in my view. Innovation transcends national borders, so don’t just see Nigeria as your endpoint; aim for a global reach,” he stated. “If you embark on any venture, strive to achieve world-class standards or don’t pursue it at all.”
Commenting on success metrics, Njoroge explained that payment operators should measure their success by how well they serve their customers, rather than by fundraising achievements or similar activities.
Source: Businessday
