Nigerian Communications Commission Champions Fintech Revolution for Financial Inclusion

The Nigerian Communications Commission (NCC) is leading the charge in empowering Fintech companies to harness the vast mobile subscriber base of 220.7 million, aiming to significantly expand financial inclusion across Nigeria. At the 2023 NITRA FinTech Forum, Dr. Aminu Maida emphasized the opportunities and challenges within Nigeria's Fintech landscape, highlighting the transformative potential of Fintech applications in bolstering the country's financial ecosystem and propelling economic growth.

NCC Encourages Fintech to Utilize Mobile Subscribers for Deeper Financial Inclusion.

The Nigerian Communications Commission (NCC) has urged Nigerian Fintech Companies to tap into the 220.7 million mobile subscribers in the country to enhance financial inclusion. Dr. Aminu Maida, the NCC's executive vice chairman and CEO, emphasized this at the 2023 Nigeria Information Technology Reporters Association (NITRA) FinTech Forum, themed 'Harnessing Nigeria's Fintech Potential: Challenges and Opportunities.'

Maida highlighted fintech's positive disruption of the traditional financial sector, revolutionizing Nigeria's financial ecosystem. Pointing to the substantial telecom subscriber base, he affirmed that the fintech industry possesses a vast market to offer a range of financial services. He revealed the Commission's collaboration with the Central Bank of Nigeria (CBN) through a Memorandum of Understanding to improve payment systems and financial inclusion, aligning with the Nigeria Payments System Vision 2025.

Represented by Mr. Henry Ojiokpota, controller of NCC Lagos Zonal Office, Maida assured continued active support for Fintech policies, regulatory enforcement, and partnerships with relevant authorities.

Highlighting how fintech applications, including robo-advisors, payment, peer-to-peer lending, investment, and cryptocurrency apps, create opportunities, Maida stressed their potential for economic growth, innovation, job creation, and investment. With Nigeria's youth constituting 70% of the population, the adoption of these applications for socio-economic gains could significantly benefit the economy, particularly in underserved areas.

Maida pledged ongoing support for the fintech industry to harness its potential and address sector challenges, particularly in improving secure infrastructure for delivering digital financial services efficiently. The Commission remains committed to fostering an environment conducive to fintech growth.

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