Lagos, Oct. 27, 2023:The Nigeria Communications Commission on Thursday said that the Financial Technology (Fintech) industry is a major driver to the nation’s economy and financial inclusion of the underserved and unserved communities.
The Executive Vice Chairman, NCC, Dr Aminu Maida made this known at the Nigeria Information Technology Reporters Association (NITRA) Fintech Forum in Lagos.
The theme of the forum is ‘’Harnessing Nigeria’s Fintech Potentials: Challenges and Opportunities.
The EVC was represented by Controller, NCC Lagos Zonal Office, Henry Ojiokpota.
Maida said that the theme of the event is topical in the financial industry considering the significant rise in Digital Financial Services
According to him, fintech is gradually revolutionizing Nigeria’s financial ecosystem as it poses a great disruption to the conventional financial system.
‘’As an emerging industry that leverages on technology to support several financial services such as mobile banking, borrowing, investment, among others.
‘’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 and further stimulate economic growth,’’ he said.
According to him, digital financial services would continue to have a significant impact on Nigeria’s financial inclusion and the digital economy at large.
He said it is because of the optimal utilization of digital technologies in the provision of financial services to rural communities and underserved segments of the population.
Maida said that with the youth population accounting for an estimated 70 per cent of Nigeria’s population, the digitally savvy, young, individuals adopting these Fintech applications for socioeconomic gains would add value to the economy.
Also speaking at the event, the Head of Partnership, Moniepoint Inc, Ogie Efemena, Head of Partnership, Moniepoint Inc said that payment space is doing fantastically well.
Ogie said that in 2022, two billion transactions were done within the Fintech space.
He said that however, there are about 230 million Nigerian according to the Nigeria Population Commission on the growth rate of 2.3 per cent annually but with the 58.9 per cent BVN in the country.
According to him, it is about 25 per cent of the population, if 25 per cent of the population ys given such transactions you can imagine if it is up to 80 per cent.
Ogie however appreciated NITRA for coming up with such event and called for it being more consistent as it would help address the industry challenges.
In his welcome address, the chairman NITRA, Mr Chike Onwuegbuchi said that Fintech has become perhaps the most exciting sector in the ICT industry, and in Nigeria as a whole.
Onwuegbuchi said that the focus on a sector that is seen as the engine of financial dealings, economic growth and transactional unification, is touted to present and aid various other sectors from the grassroots to international business and trade.
He said that Nigeria saw a slowdown in Fintech funding in the past few years according to a Partech Africa’s tech Venture Capital Report.
According to him, the report noted that Nigeria recorded $798 million in 2022 from $1.3 billion recorded in 2021.
Onwuegbuchi said that the forum would address some of the challenges
the impediments to the growth of Fintech in Nigeria, level of collaboration between governments and private sector among others.