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By Omodele Adigun
The Nigeria Communication Commission (NCC) and United Bank for Africa(UBA) have canvassed multidimensional collaboration in order to strengthen digital infrastructure for efficient innovative payment system in the country,
According to NCC Vice Chairman, Prof. Umar Danbatta, and UBA’s Head of Digital Banking, Mr. Olukayode Olubiyi, strengthening digital infrastructure for efficient and innovative payment systems is a long-term endeavor that requires collaboration, investment, and adaptability.
“By addressing these strategies comprehensively and proactively, Nigeria can build a robust and inclusive digital payment ecosystem that benefits its citizens and drives economic growth,” they said.
The duo stated these in their key note addresses at the 2023 annual conference of the Finance Correspondent Association of Nigeria (FICAN at the weekend in Lagos.
Delving on the theme of the event “Strengthening Digital Infrastructure for Efficient Innovative Payment System in Nigeria”, the NCC boss, represented by a Deputy Director at the commission, Anthony Ikemefuna, stated that there is a need to improve collaborative efforts between the NCC and financial regulators such as Central Bank of Nigeria(CBN), to enable proper coordination of policies and regulations related to digital payments and telecommunications.
According to Danbatta, this will ensure that the regulatory environment is conducive for innovation and growth.
He further stressed the need to encourage partnerships between financial institutions, telecom operators, and fintech companies to develop and deliver innovative digital payment solutions.
He added that the country needed to leverage the expertise and resources of the private sector to expand and improve digital infrastructure.
“The government should take a leading role in promoting digital payments by setting a clear vision and providing support.
“Implement e-government initiatives to promote digital payments for public services and benefits distribution,” Danbatta asserted.
He called on telecom operators to support financial inclusion initiatives by partnering with banks and fintech companies to offer mobile banking and payment services to unbanked and under-banked populations.
On his part, Olubiyi, argued that inadequate infrastructure posed one of the greatest challenges to Nigeria’s electronic payment.
He added that dearth of operational and telecommunications facilities, as well as unstable power supply had slowed down the growth of electronic payment in the country.
He also canvassed teamwork among stakeholders, including financial institutions, fintech companies, government entities, and regulatory bodies,arguing that such collaboration plays a pivotal role in ensuring the success of innovative solutions.
“Ultimately, it comes down to policy, regulation, and collaboration. If parties are willing to collaborate, many of the frictions currently experienced in the Nigeria financial service sector can be mitigated,” Olubiyi opined.
He stated that many e-payment systems depend on stable power sources and robust IT infrastructure, such as laptops, mobile phones, POS terminals, and dependable internet connectivity.
