In a significant address at the 2023 annual Nigeria Information Technology Reporters Association (NITRA) FinTech Forum held in Lagos, Dr. Aminu Maida, the Executive Vice Chairman and Chief Executive Officer of the Nigeria Communications Commission (NCC), underscored the pivotal role of Financial Technology (FinTech) in driving financial inclusion, particularly among underserved communities in Nigeria.
Dr. Maida, represented by Mr. Henry Ojiokpota, the Controller of NCC Lagos Zonal Office, emphasized the transformative impact of FinTech on the country’s financial landscape. He noted that the rapid rise of digital financial services in Nigeria has positioned FinTech as a disruptive force, revolutionizing conventional financial systems. FinTech applications such as mobile banking, borrowing platforms, investment tools, and cryptocurrencies have not only enhanced financial services but also created valuable opportunities for innovation, job creation, and economic growth.
Highlighting the potential of FinTech to empower individuals, particularly the youth who constitute 70% of Nigeria’s population, Dr. Maida referenced recent industry statistics, citing an impressive 220.7 million active mobile network subscriptions in August 2023. He outlined the NCC’s commitment to expanding telecommunications infrastructure to facilitate robust FinTech services. By leveraging the high mobile phone penetration in Nigeria, the aim is to provide financial services to rural and underserved areas, thereby stimulating economic growth.
Moreover, Dr. Maida emphasized the Commission’s dedication to achieving the 70% Broadband penetration target by 2025, as outlined in the Nigerian National Broadband Plan 2020-2025. He highlighted the NCC’s collaboration with the Central Bank of Nigeria (CBN) through a Memorandum of Understanding, focusing on enhancing payment systems and financial inclusion, aligning with the Nigeria Payments System Vision 2025.
As a regulatory authority, the NCC pledged ongoing support for the FinTech industry by enforcing regulations, promoting FinTech policies, and strengthening collaborations with relevant stakeholders. Dr. Maida reiterated the Commission’s commitment to upholding minimum standards in Quality of Service (QOS) to ensure uninterrupted connectivity, thereby bolstering the sector’s contribution to Nigeria’s economy.
The NCC’s proactive measures and strategic partnerships underscore its dedication to harnessing the vast potential of FinTech, ultimately driving financial inclusion and bolstering Nigeria’s digital economy.
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