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Maida: Robust Fintech Critical for Deepening Financial Inclusion in Nigeria

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The Executive Vice Chairman and Chief Executive officer (EVC/CEO) of the Nigeria Communications Commission (NCC), Dr. Aminu Maida, has urged Nigerian Fintech Companies to leverage on the 220.7 million mobile subscribers to deepen financial inclusion of Nigerians living in the underserved and unserved communities across the country.

Dr. Maida made the call in his keynote address at the 2023 edition of the annual Nigeria Information Technology Reporters Association (NITRA) FinTech Forum with the theme: “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities”, which took place in Lagos recently.

The EVC, who was represented at the event by the Controller of NCC Lagos Zonal Office, Mr Henry Ojiokpota, said fintech is positively disrupting the traditional financial sector and revolutionising Nigeria’s financial ecosystem.

He stated that with the large telecom subscriber base, the fintech ecosystem has a large market to which they can offer an array of financial services.

Maida disclosed that the Commission has executed a Memorandum of Understanding with the Central Bank of Nigeria (CBN) to enhance payment systems and financial inclusion, in line with the Nigeria Payments System Vision 2025, as part of its efforts to fulfil its vision in this area.

He assured that NCC will continue to play a significant role in maximising support for Fintech policies, enforcing regulations, and fortifying collaborations with pertinent authorities.

“Fintech’s emergence to leverage technology to enhance financial services such as mobile banking, borrowing, investment, and cryptocurrency, comes as an enhancer and enabler of business and other opportunities in the sphere of innovation, job creation, and investment that further stimulates economic growth”, he adderd.

 

The EVC stated that fintech applications such as robo-advisors, payment apps, peer-to-peer (P2P) lending apps, investment apps, and crypto apps, among others, create business opportunities for individuals. He also stated that the adoption of these Fintech applications for socioeconomic gains by the youth, who account for 70 per cent of Nigeria’s population, will add value to the economy.

“The adoption of these fintech applications for socioeconomic gains by the youth, who account for 70 per cent of Nigeria’s population, will add value to the economy. Therefore, Fintech has the potential to deepen the existing payment and financial system infrastructure to reach unserved and underserved areas and further stimulate economic growth”, Maida said.

He however promised that the Commission would continue to support the fintech industry in harnessing its enormous potential and will not rest on its oars in its strides to address the challenges in the sector, including improving the provision of secured infrastructure that support the delivery of digital financial services in efficient ways.

Maida said the NCC has begun implementing new strategies to meet the new target of 70 per cent Broadband penetration by the year 2025 as contained in the Nigerian National Broadband Plan 2020-2025 and the blueprint released by the Honourable Minister for accelerating the growth of the digital economy sector through technology.

The EVC  noted that these policies and strategies have huge implications for enhancing derivable benefits of the Fintech industry as well as significantly and positively impacting Nigeria’s goals on financial inclusion and the digital economy at large.

He promised that the Commission will continue to support the Fintech industry in harnessing its enormous potential and will not rest on its oars in its strides to address the challenges in the sector, including improving the provision of secured infrastructure that support the delivery of digital financial services in efficient ways. He also reiterated the Commission’s focus on maintaining minimum standards in Quality of Service (QOS) to ensure uninterrupted connectivity to enhance sectoral contribution to the economy.

Furthermore, he said that the Commission, in support of its vision in this sphere, has implemented a Memorandum of Understanding with CBN on boosting payment systems and financial inclusion, which is in line with the Nigeria Payments System Vision 2025. He also informed that NCC will continue to play an important role in harnessing the potential of Fintech through maximum support for Fintech policies, enforcing regulations, and strengthening collaborations with relevant authorities.

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