13. Activities at the Central Bank of Nigeria are being guided by the Bank’s blue print, christened “The Alpha Project (A4) Initiatives of the CBN”, which is built on 4 pillars, of enhancing the quality of banks, establishing financial stability, enabling healthy financial sector evolution and ensuring that financial sector contributes to the real economy. 14.
Financial institutions are less diversified in classification, unreasonable in distribution, and indistinct in characteristics. Moreover, the phenomena of “excessive competition” and “service blank” coexist. With the new developments of Fintech, it is by no means feasible to simply copy the development path of other countries in terms of industrial pattern, profitability model, and corporate structure.