This announcement comes after a task group of that kind was suggested in the February release of CFIT's Blueprint report.
"The taskforce will create a clear set of recommendations, identifying the data sets of commercial incentives required to advance CFIT's SME lending use case," stated Ofolami.

In addition, the minister said that they would want a "payments landscape where open banking can thrive," which they intend to achieve by publishing the National Payments Vision by the end of the summer break.

"The government can only do so much," he stated. I don't belong to the school of thought that believes tremendous invention originates with people like me; I think it originates with you.

He also disclosed their intention to implement cryptocurrency laws within the same time frame. According to Ofolami, a number of cryptocurrency-related activities, including as running an exchange and accepting client assets, will fall under the regulatory purview once this law is put into effect.

The taskforce's chair will be CFIT, as they have indicated.