NCC To Fintech: Utilise 220.7m Mobile Subscribers To Deepen Financial Inclusion

The Nigerian Communications Commission (NCC) has tasked Nigerian Fintech Companies to leverage on the 220.7 million mobile subscribers to deepen inclusion in Nigeria.

The executive vice chairman and chief executive officer (EVC/CEO) of NCC, Dr. Aminu Maida, who made the call at the 2023 edition of the annual Nigeria Information Technology Reporters Association (NITRA) FinTech Forum which focused on, ‘Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities,’ said fintech is positively disrupting the traditional financial sector and revolutionising Nigeria’s financial ecosystem. 

With the large telecom subscriber base, the fintech ecosystem has a large market to which they can offer an array of financial services, Maida affirmed, while disclosing that the Commission has executed a Memorandum of Understanding with the Central Bank of Nigeria (CBN) to enhance payment systems and financial inclusion, in line with the Nigeria Payments System Vision 2025, as part of its efforts to fulfil its vision in this area.

The EVC, who was represented at the event by the controller of NCC Lagos Zonal Office, Mr Henry Ojiokpota, assured that NCC will continue to play a significant role in maximising support for Fintech policies, enforcing regulations, and fortifying collaborations with pertinent authorities. 

“Fintech’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. 

Fintech applications such as robo-advisors, payment apps, peer-to-peer (P2P) lending apps, investment apps, and crypto apps, among others, create business opportunities for individuals.  

“The adoption of these fintech applications for socioeconomic gains by the youth, who account for 70 per cent of Nigeria’s population, will add value to the economy. Therefore, Fintech has the potential to deepen the existing payment and financial system infrastructure to reach unserved and underserved areas and further stimulate economic growth”, Maida said.  

He however promised that the Commission would continue to support the fintech industry in harnessing its enormous potential and will not rest on its oars in its strides to address the challenges in the sector, including improving the provision of secured infrastructure that support the delivery of digital financial services in efficient ways.