CBN and FRACE Enhance Governance for Non-Interest Finance

On May 7, 2026, the Central Bank of Nigeria (CBN) conducted its second annual interactive session with the Financial Regulatory Advisory Council (FRACE) and experts from Non-Interest Financial Institutions (NIFI) at the CBN auditorium. Mr. Philip Ikeazor, Director of Financial Policy and Regulation, delivered a welcome address on behalf of the Deputy Governor of Financial System Stability.

He emphasized the importance of strengthening governance frameworks to ensure a credible and resilient non-interest financial services industry. Dr. Rita Ijeoma Sike described the session as a strategic platform to deepen risk management and compliance.

Ikeazor noted the increasing strategic role of NIFI in Nigeria's financial system, particularly in providing ethical, Shariah-compliant alternatives to conventional finance. He warned of unique risks facing the industry, including non-compliance and operational challenges due to emerging technologies.

Prof. Bashir Aliyu Umar, Deputy Chairman of FRACE, stated that the session aimed to reinforce governance in the sub-sector and facilitate constructive engagement between CBN and FRACE.