The Nigerian Communications Commission (NCC) has emphasized its dedication to fostering the growth of the Fintech sector through strategic regulatory measures. Speaking at the 2023 NITRA Financial Technology (Fintech) Forum in Lagos, Dr. Aminu Maida, the Executive Vice Chairman of NCC, emphasized the increasing influence of Fintech in transforming Nigeria’s financial landscape. Represented by Henry Ojiokpota, the Lagos Zonal Controller, Dr. Maida underscored the NCC’s commitment to supporting the Fintech sector by providing secure infrastructure and USSD channels for efficient delivery of Digital Financial Services.
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Dr. Maida highlighted the NCC’s efforts to uphold quality of service standards, ensuring an uninterrupted network to bolster the sector. He also mentioned the NCC’s collaboration with the Central Bank of Nigeria (CBN) through a Memorandum of Understanding aimed at driving payment systems and financial inclusion, aligning with the Nigeria Payments System Vision 2025.
The NCC is actively promoting Fintech policies, enforcing regulations, and fostering collaborations with relevant authorities, including the CBN, to harness the potential of Fintech. Moreover, Moniepoint MFB, a prominent Fintech platform in Nigeria, reiterated its dedication to enhancing financial inclusion through innovative solutions addressing payment challenges. Efemena Ogie, the Head of Partnerships at Moniepoint Inc, highlighted the company’s recent innovation enabling PoS alerts for mobile transfers.
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This feature allows businesses utilizing Moniepoint’s PoS machines to receive instant credit alerts when customers make transfers, streamlining the payment process and eliminating the need for customers to wait for alerts before leaving the premises.
Ogie emphasized the importance of the innovation in enhancing customer experience and simplifying payment processes. The initiative aims to expedite transactions, providing customers with seamless payment experiences and reducing potential inconveniences associated with delayed transaction notifications.
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