The pension industry already has a similar system. PenCom mandates all PFAs to be fully functional independent companies with their own office, annual audits, ICT infrastructure (servers and recovery sites/plan), board of directors, compliance, legal, investment teams etc. Shared services under a group structure are strongly frowned upon. I'm glad these and more are now an industry-wide thing.
One question, how does this benefit the Nigerian customer?
Implicitly, a stronger financial system with better ringfencing is safer.
But in everyday terms, the customer doesn't feel any serious change.
Oh wait, maybe just less apps will feel like super apps.
The pension industry already has a similar system. PenCom mandates all PFAs to be fully functional independent companies with their own office, annual audits, ICT infrastructure (servers and recovery sites/plan), board of directors, compliance, legal, investment teams etc. Shared services under a group structure are strongly frowned upon. I'm glad these and more are now an industry-wide thing.
Would we get a Substack on the latest CBN circular on market structure requirements?