By Louis Ibah
Central Bank of Nigeria (CB) and Nigerian Communications Commission (NCC) have pledged to work towards deepening financial inclusion in the country.
They stated this at the 2023 RegTech African Conference which ended in Lagos at the weekend.
Participants at the conference had tasked the federal and state governments as well as relevant regulatory agencies to put in place enabling regulations, requisite infrastructure and environment to attract and sustain investors who would ensure more Nigerians are captured in the financial sector.
CEO, 9Payment Service Bank, Ms. Branka Mracajac, said there need for collaboration between investors, regulators and government if the target of penetrating into the grassroots, going beyond cites to villages, and closing the financial inclusion gap, is to be realized by 2025.
She lamented the challenges in infrastructure to support the target, saying there was need to improve electricity supply across the country, just as cost of smart phones and data have to be reduced and affordable to allow low income earners access to these tools to hook to online banking and financial transcations. She also called for financial literacy for those who are excluded.
Deputy Director, Digital Economy for the NCC,Freda Bruce-Bennet, assured that the agency would continue to focus on the implementation of Federal Government policies and plans that would foster a digital economy and financial inclusion.
In a keynote address with the theme “Elevating National Policy on Financial Inclusion, Consumer Protection, and Cybersecurit” Bruce-Bennet, described communications technology as the most effective tool for expanding the boundaries of financial inclusion in Nigeria.
“The NCC supports government’s drive and initiatives towards promoting a digital economy that will support national development and economic diversification,” she said.
She said the telecoms sector has developed tremendously as a result of the commissions’ efforts to execute policies.
“The NCC through the implementation of initiatives, projects, effective stakeholder collaboration and policies led broadband penetration from six per cent in August 2015 to 48.21 per cent by March 2023.
“This has enhanced the growth in the telecoms sector especially in the contribution to the nation’s gross domestic product. The sectors contribution to the GDP increased from 8.5 per cent in 2015 to 13.55 per cent by the end of the 4th quarter in 2022.
“It is noteworthy that for the same period, active voice subscription also increased from about 151 million to 226.2 million. While internet subscriptions increased from about 95million to approximately 158 million in March 2023. Tele density has also grown significantly from 107.87% in 2015 to 118.48 % as of March 2023,”she said.
In his address, the Central Bank of Nigeria’s Deputy Director Operations, Folashodun Adebisi Shonubi, said government was the most important regulator, and that there can be no financial inclusion without economic inclusion.
“Let us look at the concept of a regulator. Who’s a regulator. We tend to look at NCC, the CBN and the likes but the biggest regulator is actually the government. If you sit back and think about it, your money or what you can do with your money is regulated somewhat by the FIRS. And the truth is they have on every dime that you earn. Your mobility is regulated by the FRSC and your very existence and recognition as a Nigerian is regulated by the NIMC. You cannot have financial inclusion without economic inclusion. Financial inclusion is not access, it is the ability to ruse. Economic inclusion has to be there before you talk about financial inclusion, “he said