From right: Executive Vice Chairman/CEO, NCC Dr. Aminu Maida, EVC, presents a plaque to the President, FintechNGR, Ade Bajomo, who doubles as President, Fintech Association of Nigeria during the visit.

The Nigerian Communications Commission NCC and FintechNGR have commenced a process that would strengthen their synergy with a view to deepening the country’s fintech sector.

This sequel to recent engagements by the Governing Council of FintechNGR with the Central Bank of Nigeria CBN and the Securities and Exchange Commission SEC.

Meanwhile, the NCC has said that approximately 57per cent of mobile phones in Nigeria still operate on 2G networks, which is not good enough, emphasizing that there was need for migration to 5G networks.

Speaking during a recent visit to the Executive Vice Chairman of the NCC, Dr. Aminu Maida, President of FintechNGR, Ade Bajomo noted that the visit was aimed at deepening the role of the telecommunications sector as a crucial enabler of fintech in Nigeria.

“This engagement is to address the critical issues 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”, he said.

Bajomo, who doubles as President of Fintech Association of Nigeria 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.

Bajomo, who proposed robust a public-private partnership to develop these mineral resources said:

 “Leveraging alternative energy sources built on lithium batteries will greatly enhance connectivity, facilitate efficiency, and drive environmental sustainability.”

The NCC-boss in response, noted that there was need for Nigeria to build internal capacity for creating mobile devices.

He disclosed that approximately 57per 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.

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.

According to him, it will work with FintechNGR to enrich the activities of the Regulators Forum; a forum of regulators and innovators in Nigeria that aims to balance regulation and innovation to facilitate a more impactful Nigeria Fintech Week and leverage the Association as a valuable resource in future regulatory and policy development initiatives.