Nigeria Fintech Industry, A Critical Driver For Deepening Financial Inclusion in The Country – NCC
The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigeria Communications Commission (NCC), Aminu Maida has said that the Fintech industry in Nigeria is a critical driver for deepening financial inclusion in the country.
Maida disclosed this during his keynote address at the 2023 edition of the annual Nigeria Information Technology Reporters Association (NITRA) FinTech Forum which focused on the theme, “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities”.
The Executive Vice Chairman of NCC who was represented by the controller of NCC Lagos Zonal office, Mr Henry Ojiokpota, stated that the evolving Fintech industry in the country has the potential to deepen the existing payment and financial system infrastructure to reach unserved and underserved areas which will further stimulate economic growth.
He noted that NCC has begun implementing new strategies to meet the new target of 70 percent broadband internet penetration by the year 2025, which he believes will have significant implications in enhancing the Fintech industry, as well as driving financial inclusion in the country.
It is worth noting that Nigeria’s booming Fintech industry has continued to drive financial inclusion in the country, with over 20 million new bank accounts opened via fintech companies since 2020, which has significantly reduced the number of unbanked Nigerians, while accelerating the CBN financial inclusion strategy.
While the Fintech industry in Nigeria holds immense promise for financial inclusion, it is crucial to address challenges plaguing the industry, such as data security, regulatory compliance, and consumer protection to ensure that Fintech services are designed inclusively to operate within a framework of transparency and accountability.
In this light, Maida emphasized the NCC role to support the Fintech industry in harnessing its potential, stating that the commission will not rest on its oars and its strides to address the challenges in the sector, including improving the provision of secured infrastructure that supports the delivery of digital financial services in efficient ways.
He further added that the NCC will continue to play a pivotal role in harnessing the potential of Nigerian fintechs, through maximum support such as the introduction of regulatory policies, and strengthening collaborations with relevant authorities and stakeholders.
