NCC, FintechNGR Reiterate Commitment to Deepen Fintech Sector in Nigeria
The Governing Council of FintechNGR, led by the President, Ade Bajomo, has engaged with Dr Aminu Maida, Executive Vice Chairman of the Nigerian Communications Commission (NCC) and his management team with the aim to deepen the role of the telecommunications sector as a crucial enabler of fintech in Nigeria, after his recent engagements with the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN).
The engagement led to the deliberation of the critical issue of connectivity and investment in public infrastructure, as well as the need for improved connectivity to support essential services such as schools, airports, fire services, police stations, and parks, thereby enhancing timely emergency response.
Ade Bajomo emphasized the inclusive nature of FintechNGR as a strength that regulators should leverage to develop robust policies and regulatory frameworks. Bajomo stressed the importance of harnessing Nigeria’s natural resources, particularly lithium, to power base stations and reduce operating costs for telecommunications players.
According to him, leveraging alternative energy sources built on lithium batteries will greatly enhance connectivity, facilitate efficiency, drive environmental sustainability, and so proposed a public-private collaboration to develop these mineral resources.
In his response, Dr Aminu Maida emphasized on the need for Nigeria to build internal capacity for creating mobile devices.
Dr Maida stated that approximately 57 per cent of mobile phones in Nigeria still operate on 2G networks, which do not provide broadband speed for users, and that the Commission is working with the industry and other cross-sectors to advance user transition to newer technologies such as 5G.
He harped on the importance of FintechNGR working with regulators to facilitate the maturity of fintechs through corporate governance empowerment, training, and mentorship.
Dr. Maida also emphasized the need for a coordinated approach to combating fraud and cybersecurity threats in the financial sector.
According to the EVC “Deepening partnerships between fintechs, financial services providers, and the telecoms sector through collaboration will significantly strengthen innovation in Nigeria.”
The NCC acknowledged that it will work with FintechNGR to enhance the activities of the Regulators Forum, which is a forum of regulators and innovators in Nigeria that aims to balance regulation and innovation as well as to facilitate a more impactful Nigeria Fintech Week and leverage the Association as a valuable resource in future regulatory and policy development initiatives.
