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Following recent engagements with the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN), the Governing Council of FintechNGR, led by President Ade Bajomo, met with Dr. Aminu Maida, Executive Vice Chairman of the Nigerian Communications Commission (NCC), and his management team. The objective of this meeting was to strengthen the role of the telecommunications sector as a key enabler of fintech in Nigeria.
The discussion focused on the critical issues of connectivity and investment in public infrastructure. The need for improved connectivity to support essential services such as schools, airports, fire services, police stations, and parks was emphasized, highlighting the importance of enhancing timely emergency responses.
Ade Bajomo highlighted the inclusive nature of FintechNGR as a strength that regulators should leverage to develop robust policies and regulatory frameworks. He stressed the importance of harnessing Nigeria’s natural resources, particularly lithium, to power base stations and reduce operating costs for telecommunications operators.
“Leveraging alternative energy sources built on lithium batteries will greatly enhance connectivity, facilitate efficiency, and drive environmental sustainability,” said Bajomo. He proposed a public-private collaboration to develop these mineral resources.
Dr. Aminu Maida responded by emphasizing the need for Nigeria to build internal capacity for creating mobile devices. He noted that approximately 57% of mobile phones in Nigeria still operate on 2G networks, which do not provide broadband speed for users. 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. Dr. Maida also highlighted the need for a coordinated approach to combating 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,” he said.
The NCC noted that it will work with FintechNGR to enrich the activities of the Regulators Forum—a platform for regulators and innovators in Nigeria that aims to balance regulation and innovation. This collaboration is expected to facilitate a more impactful Nigeria Fintech Week and leverage the Association as a valuable resource in future regulatory and policy development initiatives.
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