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Telecoms Holds Greatest Promise For Financial Inclusion — NCC



Telecoms Holds Greatest Promise For Financial Inclusion --- NCC

Umar Danbatta

Aminat Isah, Abuja

The Executive Vice Chairman and Chief Executive of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, has stated that telecommunications remains the best enabler in expanding the frontiers of financial inclusion in Nigeria.

Danbatta affirmed this while receiving a team from the Bill and Melinda Gates Foundation (BMGF) and the Foundation’s Consultants, Glenbrooks Partners, during a visit to the Commission to explore opportunities for collaboration and partnership to enhance financial inclusion in Nigeria.

He noted  that the realisation of the centrality of telecommunication to all aspects of the economy explains NCC’s upbeat in identifying access gaps and in instituting processes for the expansion of telecom infrastructure across the country.

The EVC also said the infrastructure companies (Infracos) have been licensed by the Commission to cascade fibre from landing ports to the hinterland of Nigeria, especially the 774 local government areas in Nigeria.

He however expressed optimism that the Federal Government will take a concrete position soon to enable the Infracos to commence operations because “fibre is the real solution to the volume of transactions in the financial services sector”.

Danbatta further disclosed that 35 million Nigerians have no access to telecommunications services and by implication,they lack access to digital financial services, a condition that undermines financial inclusion.

According to Danbatta, the challenge is caused by inadequacy of both wireless and fibre connectivity infrastructure.

He emphasized that the commission need to do more investment in both fixed and wireless infrastructure to enable it reach her target of at least 80 percent level of financial inclusion in about four years.

The EVC said, ” Access to telecom services by distant, isolated, unserved and underserved communities will enable more citizens to embrace digital financial culture,”

Danbatta also disclosed that the Central Bank of Nigeria (CBN) has issued Mobile Money Payment Services license to some mobile network operators to enable them to undertake mobile financial transaction services.

He therefore advocated renewed greater cooperation and collaboration between the banking and telecommunications sectors to harmonise the cost of transactions for financial services in an equitable manner.

Abiodun Jagun of Bill and Melinda Gates Foundation who led the delegation informed the EVC that the Foundation requested for the meeting in other to deepen the patnership between the Foundation and the Federal Government of Nigeria to increase citizens’ access to financial resources.

Jagun said the discussion with the Commission is important because it regulates the telecom sector and it is already addressing some infrastructure challenges which is central to connectivity and the embrace of digital culture and inclusive access to financial resources by citizens.

She also said that understanding the strides made by the Commission, as well as the challenges it faces, will help the Foundation to know the nature of collaboration and support to offer without distorting or disrupting the market.

“The beauty of the visit and the discussions are meant to ensure that the philanthropic opportunities offered by BMGF are supportive and complementary to the digital ecosystem”, she added.

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Telecoms Holds Greatest Promise For Financial Inclusion --- NCC

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