The Governing Council of FintechNGR, led by its President, Ade Bajomo, has engaged the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr. Aminu Maida and his management team, in a bid to deepen the role of the telecommunications sector as a crucial enabler of Fintech in Nigeria.
The engagement, which was triggered by recent discussions between the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN), addressed the critical issue of connectivity and investment in public infrastructure, emphasising the need for improved connectivity to support essential services such as schools, airports, fire services, police stations, and parks, thereby enhancing timely emergency response.
Bajomo highlighted the inclusive nature of FintechNGR as a strength that regulators should leverage to develop robust policies and regulatory frameworks. He underscored the importance of harnessing Nigeria’s natural resources, particularly lithium, to power base stations and reduce operating costs for telecommunications players.
“Leveraging alternative energy sources built on lithium batteries will greatly enhance connectivity, facilitate efficiency, and drive environmental sustainability,” Bajomo said. He proposed a public-private collaboration to develop these mineral resources.
Maida responded by emphasising the need for Nigeria to build internal capacity for creating mobile devices. He noted 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 stressed the importance of FintechNGR working with regulators to facilitate the maturity of Fintechs through corporate governance empowerment, training, and mentorship. The NCC boss also highlighted the need for a coordinated approach to combat fraud and cybersecurity threats in the financial sector.
“Deepening partnerships between Fintechs, financial services providers, and the telecoms sector through collaboration will significantly strengthen innovation in Nigeria,” Maida said.