The Executive Vice Chairman/CEO, Nigerian Communications Commission (NCC), Dr. Aminu Maida, has stated that the digital financial services will continue to have a significant impact on Nigeria’s financial inclusion and the digital economy at large.
Maida disclosed this while speaking at the 2023 NITRA Financial Technology (Fintech) Forum, on Thursday, 26th October 2023, which was at Oriental Hotel, Victoria Island, Lagos.
According to him: “Digital financial services will continue to have a significant impact on Nigeria’s financial inclusion and the digital economy at large. This is because of the optimal utilization of digital technologies in the provision of financial services to rural communities and underserved segments of the population by leveraging on high mobile phone penetration in Nigeria.
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“In a nutshell, such measures extend financial services coverage and create avenues for affordable solutions. Therefore, coming up with new digital financial business models and initiatives as well as huge investrnent in digital infrastructure and e-commerce that will open the market and further stimulate development in the Fintech sector.”
He also assured NCC’s support for fintech sector.
“The Nigerian Communications Commission, as the apex regulatory agency of the communications industry, will continue to support the Fintech sector in harnessing its enormous potentials as well as overcoming the challenges identified.
“This can be achieved through adequate provision of secure infrastructure and USSD channels that enable delivery of Digital Financial Services delivery in efficient ways. The NCC is also keen on maintaining minimum standards Quality of Service (QOS), for an uninterrupted network that will boost the sector.
“In support of this objective, the Commission has executed the Memorandum of Understanding with CBN on driving payment systems and financial inclusion, which is in line with the Nigeria Payments System Vision 2025,” he said.
