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.
Chief Executive Officer, 9Payment Service Bank, Branka Mracajac, said there was 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 realised 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 these tools to hook to online banking and financial transactions. She also called for financial literacy for those who are excluded.
Deputy Director, Digital Economy for the NCC, Freda Bruce-Bennet, assured the agency would continue to focus on the implementation of the 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 Cyber Security,” 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.
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.