Fintech A Critical Driver of Financial Inclusion in Nigeria – NCC
The Nigerian Communications Commission (NCC), has disclosed that Fintech is a critical driver of financial inclusion for Nigerians living in the underserved and unserved communities.
This statement was made by the Executive Vice Chairman and Chief Executive officer (EVC/CEO) of the NCC, Dr. Aminu Maida.
Dr. Aminu Maida made this known in his keynote speech at the yearly Nigeria Information Technology Reporters Association (NITRA) FinTech Forum which focused on the theme, “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities”.
Maida who was represented by the Controller of NCC Lagos Zonal Office, Mr Henry Ojiokpota, stated that the theme of the forum was very crucial at this moment, given the significant rise in digital financial services across the nation.
The NCC boss lauded the role of Fintech in revolutionizing Nigeria’s financial ecosystem, which he says represents a positive disruption to the conventional financial system.
Maida said financial technology’s emergence to leverage technology to enhance financial services such as mobile banking, borrowing, investment, and cryptocurrency, comes as an enhancer and enabler of business and other opportunities in the sphere of innovation, job creation, and investment, that further stimulates economic growth.
He also spoke on the significant role that Fintech plays in deepening the existing payment and financial system infrastructure to reach unserved and underserved areas, potentially catering to financially excluded individuals.
Speaking on the Commission’s role in ensuring that significant financial inclusion is achieved in the country, he said the NCC will continue to expand and enhance telecoms infrastructure to enable robust Fintech services and address consumer concerns, and regulatory challenges in the sector.
He said the Commission has begun implementing new strategies to meet the new target of 70 percent Broadband penetration by the year 2025 as contained in the Nigerian National Broadband Plan 2020-2025 and the blueprint released by the Minister for accelerating the growth of the digital economy sector through technology.
