Collaboration Will Strengthen Nigeria’s Payment System- NCC

The Nigeria Communication Commission has emphasised the critical role of collaborative efforts in fortifying the nation’s payment system.

The message was conveyed by the Vice Chairman of NCC, Prof Umar Danbatta, during the 2023 annual conference of the Finance Correspondent Association of Nigeria in Lagos, where the theme was ‘Strengthening digital infrastructure for efficient innovative payment system in Nigeria’.

Represented by Anthony Ikemefuna, a Deputy Director at the NCC, Prof Danbatta stressed the long-term commitment required to enhance digital infrastructure for an innovative payment system. He underlined the significance of collaboration, investment, and adaptability in achieving this goal, leading to a robust and inclusive digital payment ecosystem that benefits citizens and drives economic growth.

Digital Currencies: IMF Seeks to Modernise Payment Systems

The NCC Vice Chairman emphasised the need for closer cooperation between the NCC and financial regulators, such as the Central Bank of Nigeria, to ensure effective coordination of policies and regulations related to digital payments and telecommunications. This coordinated approach is seen as essential in creating a conducive regulatory environment for innovation and growth.

Furthermore, Prof Danbatta called for increased partnerships between financial institutions, telecom operators, and fintech companies to develop and deliver innovative digital payment solutions. He also advocated for leveraging the private sector’s expertise and resources to expand and enhance digital infrastructure.

The government’s role in promoting digital payments and supporting e-government initiatives to facilitate digital payment adoption was highlighted by Prof Danbatta. Additionally, he encouraged telecom operators to collaborate with banks and fintech companies to offer mobile banking and payment services, particularly targeting unbanked and under-banked populations.

Head of Digital Banking at United Bank for Africa, Olukayode Olubiyi, underscored the challenges posed by inadequate infrastructure, operational facilities, and unstable power supply to Nigeria’s electronic payment systems.

He stressed the critical role of collaboration among stakeholders, including financial institutions, fintech companies, government entities, and regulatory bodies, in ensuring the success of innovative payment solutions.


Discover more from LN247

Subscribe to get the latest posts sent to your email.

Advertisement

Most Popular This Week

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More from Author

Advertisement

Read Now

What A 2% VAT Increase Will Mean For An Average South African

The recent proposal to raise South Africa's Value-Added Tax (VAT) by 2% has ignited widespread debate among policymakers, economists, and citizens. To understand the potential effects of such an increase on the average South African, it's essential to explore the history of VAT in the country, its...

Nigeria’s Money Supply Hits N110.97 Trillion

Nigeria's money supply (M2) surged by 18.3% year-on-year, reaching N110.97 trillion in January 2025, compared to N93.77 trillion in January 2024. This growth was largely fueled by increased savings in various investment instruments. According to the Central Bank of Nigeria (CBN), the rise in money supply was primarily...

Naira Strengthens to 1,494.03/$ at Official and Parallel Market

The naira gained value, reaching 1,494.03/$ at the official market on Thursday, according to data from FMDQ Securities Exchange Limited. In parallel, it appreciated at the black market, rising to 1,510.00/$, narrowing the gap between the two markets to 15.5/$. The narrowing difference in exchange rates between the...

Discover more from LN247

Subscribe now to keep reading and get access to the full archive.

Continue reading