In a recent keynote address at the Nigeria Information Technology Reporters Association (NITRA) FinTech Forum, Dr. Aminu Maida, the Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigeria Communications Commission (NCC), highlighted the critical role of the Financial Technology (FinTech) industry in driving financial inclusion in underserved and unserved communities across Nigeria.
Dr. Maida, represented by Mr. Henry Ojiokpota, the Controller of NCC, Lagos Zonal Office, stated that the theme of the forum, “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities,” was timely, given the significant rise in digital financial services throughout the country.
He emphasised that FinTech is revolutionising Nigeria’s financial ecosystem by leveraging technology to enhance financial services such as mobile banking, borrowing, investment, and cryptocurrency.
The EVC acknowledged that FinTech applications, including robo-advisors, payment apps, peer-to-peer lending apps, investment apps, and crypto apps, create business opportunities for individuals.
He further emphasised that the adoption of these applications by the youth, who constitute 70% of Nigeria’s population, would add value to the economy.
Dr. Maida also highlighted recent industry statistics, which revealed that active subscriptions across mobile networks in Nigeria reached 220.7 million in August 2023. This data demonstrated the potential of the Nigerian FinTech ecosystem to offer a wide range of financial services to telecom subscribers.
The EVC affirmed that the NCC will continue to expand and enhance telecommunications infrastructure to enable robust FinTech services. The Commission aims to address consumer concerns and regulatory challenges in the sector, leveraging the high mobile phone penetration rate in Nigeria to provide financial services to rural communities and under-served segments of the population.
Dr. Maida stated that the NCC has begun implementing new strategies to achieve the target of 70% broadband penetration by 2025, as outlined in the Nigerian National Broadband Plan 2020-2025. These policies and strategies will have significant implications for enhancing the benefits derived from the FinTech industry, as well as positively impacting Nigeria’s goals of financial inclusion and the digital economy.
The NCC boss assured of continued support for the FinTech industry in harnessing its enormous potential. He said the Commission remains committed to addressing challenges in the sector, including improving the provision of secure infrastructure that supports the delivery of digital financial services efficiently.
Dr. Maida also emphasized the NCC’s focus on maintaining minimum standards in Quality of Service (QoS) to ensure uninterrupted connectivity and enhance the sector’s contribution to the economy.
Furthermore, he mentioned that the NCC has implemented a Memorandum of Understanding with the Central Bank of Nigeria (CBN) to boost payment systems and financial inclusion, aligning with the Nigeria Payments System Vision 2025.
The NCC will continue to play a vital role in harnessing the potential of FinTech through maximum support for FinTech policies, regulatory enforcement, and strengthened collaborations with relevant authorities.
The NCC’s commitment to supporting the growth of the FinTech industry reflects its dedication to enhancing financial inclusion and driving Nigeria’s digital economy. With the implementation of new strategies and collaborations, the NCC aims to create an enabling environment for FinTech to thrive, ultimately benefiting under-served communities and contributing to economic growth.
