The Nigeria Communications Commission (NCC), has described the Financial Technology (FinTech) industry, as a critical driver of financial inclusion, especially for Nigerians living in the underserved and unserved communities.
This disclosure was made by the NCC boss Aminu Maida in his keynote speech at the Nigeria Information Technology Reporters Association (NITRA) FinTech Forum, which focused on the theme “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities”.
Maida who was represented by the Controller of NCC Lagos Zonal Office, Mr Henry Ojiokpota, stated that the theme of the forum was a timely discourse about the financial industry, given the significant rise in digital financial services across the nation.
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The NCC boss lauded Fintech startups for revolutionising Nigeria’s financial ecosystem, which represents a positive disruption to the conventional financial system.
He added that the financial technology’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.
Speaking on the role of the NCC in enhancing financial inclusion in the country, he said the commission will continue to expand and enhance telecoms infrastructure to enable robust Fintech services, and address consumer concerns, and regulatory challenges in the sector.
Further adding that the optimal utilisation of digital technologies will enhance the provision of financial services to rural communities and underserved segments of the population through leveraging of high mobile phone penetration in Nigeria.
He said the Commission has begun implementing new strategies to meet the new target of 70 per cent Broadband penetration by the year 2025 as contained in the Nigerian National Broadband Plan 2020-2025 and the blueprint released by the Minister for accelerating the growth of the digital economy sector through technology.
The proliferation of fintech across Nigeria, has continued to play a huge role on financial inclusion in the country. These fintech companies are using innovative technologies to deliver innovative and affordable financial products and services to Nigerians, who are increasingly embracing digital payments.
Through their technology-driven approach, they are also making financial services accessible to the unbanked and underbanked populations. By leveraging mobile technology and innovative payment solutions, these Fintechs are bridging the gap and extending financial services to previously excluded communities.
Nigeria’s fintech sector is growing rapidly, and it is poised to continue to grow in the coming years, due to the significant usage of smartphone and internet penetration in Nigeria. This is enabling fintech companies to reach more customers and deliver their services more efficiently.
The sector is well-positioned to meet the needs of a large and growing population, and has been predicted to become one of the most important drivers of economic growth in the country.