CBN, NIgComSat Ink Nationwide Internet Hotspots Deal

Central Bank of Nigeria(CBN) announced at the weekend that in a matter of days, it will sign a multibillion naira contract with Nigerian Communication Satellite (NigComSat )  Limited to power the platform to boost the apex bank’s  nationwide cashless initiative and empower primary, secondary schools and the entire banking industry with real time internet connectivity, the

Mallam Sanusi Lamido Sanusi,  CBN governor, announced this at the weekend  when he launched Bank Verification Number Biometric Solution in Lagos.

The digital initiative contract with NIGCOMSAT which is expected to be ratified early next week will create hotspots in all the 774 Local Government Areas in Nigeria for seamless Internet connectivity via satellite.

“All financial access points in the country will have dedicated hotspots through dedicated access points for the benefit of the banks and their customers”.

The apex bank,s helmsman also said this same service will be available in many primary and secondary schools across the 774 council areas in the country will be fitted with Internet hotspots for digital empowerment of this section of youths and future leaders.

Although the connection to schools shall be part of the Corporate Social Responsibility (CSR) of the apex bank, Sanusi added that “ every Nigerian  bank will be connected to this platform whether the banks are located here in Nigeria or elsewhere in the global community.    

This will enable customers access to online real time banking services whether they live in the villages of Bayelsa or desert environment in Yobe States”

On the biometric solution platform, the CBN Governor said when ever you enter a bank henceforth irrespective of the location, transactions will be done with finger prints.

 Apart from being almost fool  proof, it is expected to minimize the incidents of fraud and “in a few years, we will have a banking industry that is not only efficient but an industry to be proud of”

Mobile money will also be available on customers finger tips, the Governor said, adding  that the CBN has initiated all of these in collaboration with the Ministry of Communications Technology;  the Bankers Committee;  Chams Plc;  and Mr Tunde Lemo,  immediate past deputy governor in charge of Operations; and the German Company Dorman Long.

The CBN, Sanusi explained, will fund the Internet connectivity in the first four years and all those who would receive Internet services through the designated nationwide hotspots will do so free of charge, adding that “this legacy is more than the banking reforms which we have started”  

Sanusi added that  “innovative banks can now think in a limitless manner that is opened to them by a combination of the biometric, Internet  availability via NIGCOMSAT and in a few years, you will have an industry  that is the most efficient in the world by simply leveraging on the potentials of the solutions”

All Automated Teller Machines (ATMs) and Point  Of Sales (POS) in every village will be linked seamlessly to satellite, he added.

Indeed, these solutions will efficiently take a lot of burden off the banks to enable them concentrate on how to woo customers and offer them services that will bring comfort to them, he further explained.