Digital Times Nigeria
  • Home
  • Telecoms
    • Broadband
  • Business
    • Banking
    • Finance
  • Editorial
    • Opinion
    • Big Story
  • TechExtra
    • Fintech
    • Innovation
  • Interview
  • Media
    • Social
    • Broadcasting
Facebook X (Twitter) Instagram
Trending
  • “How Do I Kelee Gi?”: The Song That Rose From The Rubble Of A Lagos Bomb Blast
  • Hydrogen, Lagos State Govt Power Wellness Drive For Business Owners In Ikeja
  • Tinubu Hails NASENI’s Contributions To National Economy
  • Experts @ABoICT 2025 Warn Of Digital Disaster Risks In Nigeria Without AI Governance
  • NCC Unveils e-Health Project In Akure To Boost Digital Healthcare
  • PalmPay Unveils ‘Passing The Baton’ CSR Initiative To Drive Financial Inclusion In Northern Nigeria
  • Anambra Shines In E-Governance, Ranks Among Top Three States
  • EMOSIM Launches eSIM In Lagos, Heralds New Era Of Global Connectivity And Digital Inclusion
Facebook X (Twitter) Instagram
Digital Times NigeriaDigital Times Nigeria
  • Home
  • Telecoms
    • Broadband
  • Business
    • Banking
    • Finance
  • Editorial
    • Opinion
    • Big Story
  • TechExtra
    • Fintech
    • Innovation
  • Interview
  • Media
    • Social
    • Broadcasting
Digital Times Nigeria
Home » Maida Says Robust Fintech Critical For Deepening Financial Inclusion In Nigeria
Telecoms

Maida Says Robust Fintech Critical For Deepening Financial Inclusion In Nigeria

Our REPORTERBy Our REPORTER2 November 2023No Comments4 Mins Read13 Views
Facebook Twitter Pinterest Telegram LinkedIn Tumblr WhatsApp Email
Maida
Dr. Aminu Maida, Executive Vice Chairman/Chief Executive Officer, Nigerian Communications Commission (NCC)
Share
Facebook Twitter LinkedIn Pinterest Telegram Email WhatsApp

The EVC said Fintech is revolutionizing Nigeria’s financial ecosystem as it represents a positive disruption to the conventional financial system

Dr. Aminu Maida, Executive Vice Chairman/Chief Executive Officer of the Nigerian Communications Commission (NCC) has described the Financial Technology (Fintech) industry as a critical driver of financial inclusion of Nigerian citizens living in the underserved and unserved communities across the country.

Maida made this known in his keynote address at the 2023 edition of the annual Nigeria Information Technology Reporters Association (NITRA) FinTech Forum which focused on, “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities” that took place in Lagos recently.

Represented at the event by the Controller of NCC Lagos Zonal Office, Mr. Henry Ojiokpota, the EVC stated that the theme of the forum was suitable at this time for a discourse about the financial industry given the significant rise in digital financial services across the nation.

The EVC said Fintech is revolutionizing Nigeria’s financial ecosystem as it represents a positive disruption to the conventional financial system and stated that 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.

The EVC stated that fintech applications such as robo-advisors, payment apps, peer-to-peer (P2P) lending apps, investment apps, and crypto apps, among others, create business opportunities for individuals.

He also stated that the adoption of these Fintech applications for socioeconomic gains by the youth, who account for 70 per cent of Nigeria’s population, will add value to the economy.

READ ALSO  Inuwa Reiterates FG’s Commitment To The Growth Of Nigeria’s Tech Ecosystem

Maida recalled recent industry statistics citing active subscriptions across mobile networks in Nigeria, which hit 220.7 million in August 2023, to demonstrate that the Nigerian Fintech ecosystem can offer an array of financial services to telecom subscribers.

He said the Commission will continue to expand and enhance telecommunications infrastructure to enable robust Fintech services and address consumer concerns, and regulatory challenges in the sector because the optimal utilization 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.

“Therefore, Fintech has the potential to deepen the existing payment and financial system infrastructure to reach unserved and underserved areas and further stimulate economic growth,” Maida said.

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 Honourable Minister for accelerating the growth of the digital economy sector through technology.

The EVC said these policies and strategies have huge implications for enhancing derivable benefits of the Fintech industry as well as significantly and positively impacting Nigeria’s goals on financial inclusion and the digital economy at large.

The NCC boss promised that the Commission will continue to support the Fintech industry in harnessing its enormous potential and will not rest on its oars in its strides to address the challenges in the sector, including improving the provision of secured infrastructure that support the delivery of digital financial services in efficient ways.

READ ALSO  NCC Denies Sending Diaspora Commission Packing From Digital Economy Complex

He also reiterated the Commission’s focus on maintaining minimum standards in Quality of Service (QOS) to ensure uninterrupted connectivity to enhance sectoral contribution to the economy.

The EVC stated that the Commission, in support of its vision in this sphere, has implemented a Memorandum of Understanding with CBN on boosting payment systems and financial inclusion, which is in line with the Nigeria Payments System Vision 2025.

He also informed that NCC will continue to play an important role in harnessing the potential of Fintech through maximum support for Fintech policies, enforcing regulations, and strengthening collaborations with relevant authorities.

#Aminu Maida #Financial Inclusion #Fintech Forum #NITRA Fintech NCC Nigeria
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleExcitement As Konga TV Debuts November 6
Next Article NASENI Targets 1st Quarter 2024 To Launch Products Into Nigeria Markets
Our REPORTER
  • Website

Related Posts

PalmPay Unveils ‘Passing The Baton’ CSR Initiative To Drive Financial Inclusion In Northern Nigeria

30 May 2025

EMOSIM Launches eSIM In Lagos, Heralds New Era Of Global Connectivity And Digital Inclusion

28 May 2025

NCC Orders Full Disclosure, Penalty For Major Telecom Outages, Launches Portal

26 May 2025

NCC, Ghana’s NCA Strengthen Telecom Regulatory Ties At Accra Meeting

20 May 2025

SeerBit, Spectranet Unveil ExpressPay To Deliver Instant, Seamless Internet Subscription Payments

7 May 2025

Amazon Takes On Starlink, Launches First Kuiper Internet Satellites

29 April 2025

Comments are closed.

Categories
About
About

Digital Times Nigeria (www.digitaltimesng.com) is an online technology publication of Digital Times Media Services.

Facebook X (Twitter) Instagram
Latest Posts

“How Do I Kelee Gi?”: The Song That Rose From The Rubble Of A Lagos Bomb Blast

31 May 2025

Hydrogen, Lagos State Govt Power Wellness Drive For Business Owners In Ikeja

30 May 2025

Tinubu Hails NASENI’s Contributions To National Economy

30 May 2025
Popular Posts

Building Explainable AI (XAI) Dashboards For Non-Technical Stakeholders

2 May 2022

Building Ethical AI Starts With People: How Gabriel Ayodele Is Engineering Trust Through Mentorship

8 January 2024

Gabriel Tosin Ayodele: Leading AI-Powered Innovation In Web3

8 November 2022
© 2025 Digital Times NG. Designed by Max Excellence LLC.
  • Advert Rate
  • Terms of Use
  • Advertisement
  • Private Policy
  • Contact Us

Type above and press Enter to search. Press Esc to cancel.