Robust telecoms infrastructure critical for fintech services — NCC
Expanding and enhancing telecommunications infrastructure is critical to enabling robust fintech services in the country, Executive Vice Chairman, Nigeria Communications Commission, Dr Aminu Maida, has disclosed.
According to him, the optimal utilisation of digital technologies will enhance the provision of financial services to rural communities and underserved segments of the population through the leveraging of mobile phone penetration in the country.
He stated that during his keynote address at the 2023 edition of the annual Nigeria Information Technology Reporters Association FinTech Forum recently in Abuja.
Maida, who was represented by the Controller of NCC, Lagos Zonal Office, Mr Henry Ojiokpota, asserted that fintech was a critical driver of financial inclusion in the country, especially for citizens living in the underserved and unserved communities.
He noted that fintech was revolutionising Nigeria’s financial ecosystem as it represents a positive disruption to the conventional financial system.
He said, “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.”
The NCC boss highlighted that the commission was set to implement new strategies to meet its target of 70 per cent broadband penetration by the year 2025, to further deepen fintech’s reach in the country.
Speaking further, he said that the growing mobile subscriptions in Nigeria, which hit 220.7 million in August has created huge opportunity for fintech growth in the country.
According to him, with the large telecom subscriber base, the fintech ecosystem has a large market to which they can offer an array of financial services.
The EVC stated that the Commission, in support of its vision in this sphere, has implemented a Memorandum of Understanding with the Central Bank of Nigeria (CBN) on boosting payment systems and financial inclusion, which aligns with the Nigeria Payments System Vision 2025.
He also informed that NCC would 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.
