Aminu Maida, the Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigeria Communications Commission (NCC), has emphasized the pivotal role of the Financial Technology (FinTech) industry in promoting financial inclusion for underserved and unserved Nigerian citizens.
Maida delivered this message during his keynote address at the 2023 annual Nigeria Information Technology Reporters Association (NITRA) FinTech Forum, which centered on the theme, “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities.” The event took place recently in Lagos.
Represented by Mr. Henry Ojiokpota, the Controller of NCC Lagos Zonal Office, Maida highlighted the growing significance of digital financial services in the nation and the transformative impact of FinTech on Nigeria’s financial landscape. He noted that FinTech is reshaping the conventional financial system by leveraging technology to enhance services such as mobile banking, lending, investments, and cryptocurrency, thereby promoting innovation, job creation, and investment opportunities that drive economic growth.
Maida pointed out that FinTech applications like robo-advisors, payment apps, peer-to-peer (P2P) lending apps, investment apps, and crypto apps create business opportunities for individuals. He stressed that the youth, constituting 70 percent of Nigeria’s population, can utilize these FinTech applications for socioeconomic advancement, thereby contributing to the nation’s economy.
Highlighting the substantial mobile network subscriptions in Nigeria, which reached 220.7 million in August 2023, Maida underlined the potential of the Nigerian FinTech ecosystem to offer diverse financial services to telecom subscribers. He assured that the NCC would continue to expand and enhance telecommunications infrastructure to facilitate robust FinTech services, address consumer concerns, and tackle regulatory challenges in the sector. This, he noted, would leverage the high mobile phone penetration in Nigeria to improve financial services in rural and underserved areas, fostering economic growth.
Maida mentioned the NCC’s commitment to achieving a 70 percent broadband penetration target by 2025, as outlined in the Nigerian National Broadband Plan 2020-2025 and the digital economy growth blueprint. He highlighted the positive impact of these policies and strategies on advancing the FinTech industry and enhancing financial inclusion and the digital economy in Nigeria.
The NCC boss pledged ongoing support for the FinTech industry in unlocking its vast potential and addressing sector challenges. This support would encompass the provision of secure infrastructure for efficient delivery of digital financial services, maintenance of minimum Quality of Service (QOS) standards to ensure uninterrupted connectivity, and collaboration with relevant authorities to enforce regulations and policies that promote FinTech development. Additionally, he mentioned the NCC’s partnership with the Central Bank of Nigeria (CBN) to enhance payment systems and financial inclusion in alignment with the Nigeria Payments System Vision 2025.