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.
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.
