The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigeria Communications Commission (NCC), Dr Aminu Maida has explained how enhanced telecom infrastructure can deepen financial inclusion in the country.
Dr. Maida, represented at the 2023 Nigeria Information Technology Reporters Association (NITRA) FinTech Forum by Mr. Henry Ojiokpota, the Controller of NCC Lagos Zonal Office highlighted how the Financial Technology (FinTech) industry is rapidly reshaping the financial landscape in Nigeria, bringing unprecedented opportunities for financial inclusion, innovation, and economic growth.
The EVC described FinTech as a “positive disruption” that is revolutionising Nigeria’s financial ecosystem by leveraging technology to improve services such as mobile banking, borrowing, investment, and cryptocurrency.”
“One of the most notable impacts of the FinTech revolution is its role in creating opportunities for individuals, especially the youth, who represent a significant portion of Nigeria’s population.
“Applications like robo-advisors, payment apps, peer-to-peer (P2P) lending apps, investment apps, and cryptocurrency apps are changing the way people access financial services and invest their money. These innovations have the potential to not only empower individuals but also drive economic growth and job creation.
“Furthermore, the NCC reported that active mobile subscriptions in Nigeria surpassed 220.7 million in August 2023, reflecting the immense potential for the FinTech ecosystem to provide various financial services to telecom subscribers.
“As a result, the NCC is committed to expanding and enhancing telecommunications infrastructure to facilitate robust FinTech services, address consumer concerns, and regulatory challenges,” He said.
Dr. Maida underlined that FinTech has the power to extend the reach of financial services to unserved and underserved areas. With high mobile phone penetration in Nigeria, the optimal utilisation of digital technologies can deepen the existing payment and financial system infrastructure, further stimulating economic growth.
The NCC is dedicated to achieving a target of 70 percent broadband penetration by 2025, as outlined in the Nigerian National Broadband Plan 2020-2025 and supported by the digital economy growth blueprint. These strategic initiatives have significant implications for enhancing the benefits of the FinTech industry, fostering financial inclusion, and driving Nigeria’s digital economy.
In conclusion, Dr. Aminu Maida reaffirmed the NCC’s unwavering commitment to supporting the FinTech industry in harnessing its potential. The Commission will continue to work diligently to address challenges, improve infrastructure to ensure the secure delivery of digital financial services, and maintain high standards of Quality of Service (QOS) to contribute to the sector’s growth and, ultimately, the broader Nigerian economy.
