FinTech Critical for Deepening Financial Inclusion in Nigeria – NCC Boss
By Patience Ikpeme
The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, has said that the Financial Technology (FinTech) industry is critical for deepening financial inclusion in Nigeria.
Maida made this statement in his keynote address 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.”
He said that FinTech is revolutionizing Nigeria’s financial ecosystem by providing innovative digital financial services to underserved and unserved communities.
Maida cited statistics that show that Nigeria has over 220 million active mobile subscriptions, which means that the Fintech ecosystem can offer an array of financial services to telecom subscribers.
He promised that the NCC will continue to expand and enhance telecommunications infrastructure to enable robust Fintech services, address consumer concerns, and tackle regulatory challenges in the sector.
The NCC boss said that the Commission has also begun implementing new strategies to meet the new target of 70% Broadband penetration by the year 2025.
He said that these policies and strategies will have a huge impact on the Fintech industry and Nigeria’s goals on financial inclusion and the digital economy at large.
Maida reiterated the Commission’s commitment to supporting the Fintech industry in harnessing its enormous potential and addressing the challenges in the sector.
He also said that the NCC will continue to play an important role in harnessing the potential of FinTech through maximum support for Fintech policies, enforcing regulations, and strengthening collaborations with relevant authorities.
