Nigeria’s NCC CEO Highlights FinTech’s Positive Disruption In Finance
Dr. Aminu Maida, the Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigeria Communications Commission (NCC), emphasized the crucial role of the Financial Technology (FinTech) industry in advancing financial inclusion for underserved
communities in Nigeria.
Dr. Maida made these remarks during his keynote address at the 2023 Nigeria Information Technology Reporters Association (NITRA) FinTech Forum, which focused on “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities” and was held in Lagos.
Represented by Mr. Henry Ojiokpota, the Controller of NCC Lagos Zonal Office, Dr. Maida highlighted the timeliness of the forum’s theme, given the significant growth of digital financial services across the nation. He noted that FinTech is transforming Nigeria’s financial landscape, introducing positive disruptions to traditional financial systems.
According to Dr. Maida, FinTech leverages technology to enhance financial services like mobile banking, lending, investment, and cryptocurrency, thus fostering innovation, job creation, and investment opportunities that drive economic growth.
He pointed out that various FinTech applications, including robo-advisors, payment apps, peer-to-peer (P2P) lending apps, investment apps, and cryptocurrency apps, create business opportunities, especially for the youth, who make up a significant portion of Nigeria’s population.
Dr. Maida cited industry statistics, such as the 220.7 million active mobile network subscriptions in Nigeria as of August 2023, to emphasize the potential of the Nigerian FinTech ecosystem in delivering financial services to telecom subscribers.
He affirmed the NCC’s commitment to expanding and enhancing telecommunications infrastructure to enable robust FinTech services, address consumer concerns, and regulatory challenges. This, he explained, would harness the high mobile phone penetration in Nigeria to provide financial services to rural and underserved communities, ultimately stimulating economic growth.
Dr. Maida also mentioned the NCC’s strategies to achieve the 70% broadband penetration target by 2025 as outlined in the Nigerian National Broadband Plan 2020-2025, underscoring the positive implications of these policies for financial inclusion and the digital economy.
He assured continued support for the FinTech industry, including collaborations with relevant authorities, enforcement of regulations, and the maintenance of quality service standards to enhance the sector’s contribution to the economy.
Furthermore, Dr. Maida revealed that the NCC had established 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.”