‘Fintech revolutionising our financial system’

The Nigeria Communications Commission (NCC) has described the Financial Technology (FinTech) industry as a major driver for financial inclusion of the underserved and unserved communities across the country.

The Executive Vice Chairman (EVC), NCC, Dr Aminu Maida, made this known at the Nigeria Information Technology Reporters Association (NITRA) FinTech Forum in Lagos.

Maida, who was represented at the event by Controller, NCC Lagos Zonal Office, Mr. Henry Ojiokpota, said FinTech is gradually revolutionising Nigeria’s financial ecosystem as it poses a great disruption to the conventional financial system.

Maida said that the importance of the emerging industry that leveraged technology to support several financial services such as mobile banking, borrowing and investment cannot be overemphasised.

He said: “FinTech comes with a lot of business opportunities in terms of innovation, job creation and investment.

“Therefore, FinTech has the potential to deepen the existing payment and financial system infrastructure to reach unserved and underserved areas as well as stimulate economic growth,” he said.

Maida said with the youthful population accounting for an estimated 70 percent of Nigeria’s population, the digitally savvy, young individuals adopting these FinTech applications for socio-economic gains would boost economic growth and development.

Also, the Head of Partnership, Moniepoint Inc, Ogie Efemena, said payment space was doing fantastically well, noting that two billion transactions were undertaken within the FinTech space in 2022.

He, however, noted the figure was small when compared with the country’s population at 230 million according to the National Population Commission.