The Nigerian Communications Commission (NCC) has said that the growing mobile subscriptions in Nigeria, which hit 220.7 million in August are creating a huge opportunity for fintech growth in the country.
The Executive Vice Chairman and Chief Executive officer (EVC/CEO) of the Nigeria Communications Commission (NCC), Dr. Aminu Maida, 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.”
According to him, with the large telecom subscriber base, the fintech ecosystem has a large market to which they can offer an array of financial services.
The EVC stated that the Commission, in support of its vision in this sphere, has implemented a Memorandum of Understanding with the Central Bank of Nigeria (CBN) on boosting payment systems and financial inclusion, which aligns with the Nigeria Payments System Vision 2025.
He also informed that NCC would 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.
The fintech revolution
The EVC, who was represented at the event by the Controller of NCC Lagos Zonal Office, Mr Henry Ojiokpota, said fintech is revolutionizing Nigeria’s financial ecosystem as it represents a positive disruption to the conventional financial system.
- “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% of Nigeria’s population, will add value to the economy,” he said.
- “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.
The NCC boss 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.
He also reiterated the Commission’s focus on maintaining minimum Quality of Service (QOS) standards to ensure uninterrupted connectivity to enhance sectoral contribution to the economy.
