Admin I Thursday, Nov.02, 2023
ABUJA, Nigeria – The Executive Vice Chairman and Chief Executive Officer of the Nigeria Communications Commission (NCC), Dr. Aminu Maida has emphasized the pivotal role played by the Financial Technology (FinTech) industry in advancing financial inclusion for underserved and unserved communities in Nigeria.
Dr. Maida made this assertion during his keynote address at the 2023 Nigeria Information Technology Reporters Association (NITRA) FinTech Forum held in Lagos. The forum’s theme, “Harnessing Nigeria’s FinTech Potential: Challenges and Opportunities,” was particularly timely, given the significant growth of digital financial services in the country.
According to the EVC, FinTech is driving a transformation in Nigeria’s financial landscape, presenting a positive disruption to traditional financial systems. He highlighted how FinTech leverages technology to enhance financial services, including mobile banking, borrowing, investment, and cryptocurrencies. This technological innovation not only acts as a catalyst for innovation and job creation but also fosters investment and economic growth.
Dr. Maida also emphasized the diverse applications within the FinTech ecosystem, such as robo-advisors, payment apps, peer-to-peer (P2P) lending apps, investment apps, and cryptocurrency platforms. These applications create entrepreneurial opportunities for individuals, especially the youth who constitute a significant portion of Nigeria’s population, with the potential to contribute significantly to the economy.
The EVC referenced recent industry statistics, including the 220.7 million active mobile network subscriptions in Nigeria as of August 2023, to underline the FinTech industry’s capacity to provide a wide range of financial services to telecom subscribers.
He committed the NCC to continue expanding and improving telecommunications infrastructure to support robust FinTech services. The NCC aims to address consumer concerns and regulatory challenges to harness the full potential of digital technologies, facilitating the delivery of financial services to rural and underserved communities by capitalizing on the high mobile phone penetration in Nigeria.
Dr. Maida also highlighted the NCC’s commitment to achieving the goal of 70% broadband penetration by 2025, as outlined in the Nigerian National Broadband Plan 2020-2025 and the digital economy growth blueprint. These policies and strategies are expected to have a substantial impact on financial inclusion and the broader digital economy in Nigeria.
He assured that the NCC will continue to provide support to the FinTech industry, addressing challenges and enhancing secure infrastructure for the efficient delivery of digital financial services. Furthermore, the NCC remains dedicated to maintaining high standards of Quality of Service (QOS) to ensure uninterrupted connectivity and bolster the sector’s contribution to the national economy.
In alignment with its vision, the NCC has initiated a Memorandum of Understanding with the Central Bank of Nigeria (CBN) to bolster payment systems and financial inclusion, aligning with the Nigeria Payments System Vision 2025.
The NCC is committed to playing a vital role in maximizing the potential of FinTech through policy support, regulatory enforcement, and collaborations with relevant authorities.
