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NCC, CBN Seal Pact To Boost Financial Inclusion

In a major move that is bound to improve banking services efficiency and bring more unbanked people into the banking net nationwide, the Nigerian Communication Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) on the nation’s payment system.

Speaking on the partnership, the Executive Vice Chairman of NCC, Prof. Umar Danbatta, said that the signing of the MoU represented a major milestone in the realization of the commission’s mandate as it relates to digital transformation process across the broad spectrum of the economy.

Noting that that the pact which has as specific focus on mobile money services and financial inclusion followed the work done by a committee set up by the two organizations, the NCC boss explained that the process targeted governance and transformation of key services sector of the economy.

The telecoms industry regulator pointed out that the signing of the MOU was also a positive statement that NCC and CBN were making about their content to ensure digital transformation process in the country’s financial system and other sectors of the economy.

He assured: “NCC is committed to this transformation process which we are daily thinking of what to do to ensure we reach the desired destination by making sure our people participate in the digital economy. In a way and manner that they will be empowered to leverage on information and Communication Technology (ICT) to conduct their daily businesses.’’

In his remarks, the Governor of CBN, Godwin Emiefele, said the intention of the MoU between the apex bank and the commission was to see how they  ould work together toward driving the payment system in the country.

According to him, the initiative would also help to facilitate financial inclusion and drive a more robust payment system in the country.

Emefiele explained: “I am very delighted because with this signing, we are now very sure and certain that we will very easily improve the level of financial inclusion from the level it is today which is about 48 per cent.

“And we will set a target for ourselves that by 2020, which is in three years or below that the level of financial inclusion should increase to 80 per cent. I can assure that this signing provides framework for licensing of payment service provider”, he added.

The apex bank governor explained further that the pact was also a framework that would guide the working of those who were stakeholders both in the banking industry as well as the telecommunication industry..

“We look forward to many more years of close collaboration between the CBN and banking system on one hand and the NCC, telecommunication industry on another hand”, Emefiele projected.

 

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