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Nigerian comms regulator declares support for fintechs

By , Nigeria correspondent
Nigeria , 02 Nov 2023
Dr. Aminu Maida, executive vice chairman of the Nigerian Communication Commission.
Dr. Aminu Maida, executive vice chairman of the Nigerian Communication Commission.

The Nigerian Communications Commission (NCC) has pledged to promote and assist in the development and expansion of the fintech sector through regulatory initiatives.

The executive vice chairman, NCC, Dr. Aminu Maida, who was represented by NCC's Lagos Zonal controller, Henry Ojiokpota, said during his keynote address at the 2023 NITRA Financial Technology (Fintech) Forum held in Lagos, with the theme "Harnessing Nigeria's Fintech Potentials: Challenges and Opportunities."

According to him, the fintech sector is disrupting the traditional banking system and gradually changing Nigeria's financial sector and it needs to be supported.

He stated that the NCC, as the top regulatory agency of the communications industry, will continue to assist the fintech sector in realising its vast potential and resolving the difficulties the sector faces.

This, he said, can be accomplished by providing appropriate secure infrastructure and USSD channels to enable effective delivery of digital financial services.

"The NCC is also concerned with maintaining minimum quality of service standards in order to ensure an uninterrupted network that will benefit the sector. In support of this goal, the Commission signed a Memorandum of Understanding with the Central Bank of Nigeria (CBN) on boosting payment systems and financial inclusion, which is consistent with the Nigeria Payments System Vision 2025.”

The vice chairman went on to say that "the Commission is playing an important role in harnessing the potentials of fintech through maximum support for proactive policies, enforcing regulations, and strengthening collaborations with relevant authorities such as the CBN and other stakeholders."

Dr. Aminu also stated that the NCC is encouraging the incubation and sound practises of fintech firms, as well as the development of highly secure platforms, to further boost the development of the fintech ecosystem and the digital economy in general.

These various phases, he said, will eventually enable the realisation of the Nigerian Startup Bill's objectives, particularly in the financial services sector, and maximising the benefits of fintech while limiting the risks involved.

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