Telecom
Chief Commercial Officer of Itex, Adekunle Adebiyi Highlights Role of Fintech in Financial Inclusion

Adekunle Adebiyi, Chief Commercial Officer at Itex Integrated Services Ltd, spoke extensively on the impact of fintech and Nigeria’s financial inclusion goals, in a recent interview on popular Lagos radio station, Nigeria Info FM.
Adebiyi shed light on the role of fintech in the country’s financial inclusion strategy, and how a focus on rural distribution can help reach more unbanked Nigerians. “Fintechs work with traditional banks to improve the sustainability and accessibility of the services they offer to the public.
“Because of this, distribution is crucial if we are to reach Nigerians without bank accounts. Rural areas, where more unbanked people reside, must become the focus instead of metropolitan and semi-urban areas.
“As a country, we have made progress toward financial inclusion, but if we are to meet our goal, we must use financial technology.”
Rural communities continue to suffer as banks cut operational costs by reducing the number of ATMs and branches, focusing instead on getting more customers to embrace digital banking through smartphones. Yet, 40 percent of adults living in rural areas have no formal bank account and limited smartphone access.
Thankfully, PoS terminals and mobile money agents are increasing, providing financial services and, in some cases, acting as an agent through which the unbanked can open tier 1 bank accounts requiring only passport photographs.
It was important to understand that traditional banking and fintech were both sides of the same coin. “Traditional banking and financial technology are not on either side of the divide; I see a convergence. Fintech is about using technology to enhance the process of financing, making it easier, accessible and sustainable.
For example, Itex has made buying electric bills easier; with a mobile device you can top up and pay for power without leaving the comfort of your home, that’s the effect of financial technology.”
Although Nigeria has the largest economy in Africa and is home to five of Africa’s seven unicorns, its target for financial inclusion as stated in the National Financial Inclusion Strategy (Revised) in 2018 had a goal to reach 80% financial inclusion in the year 2020, but only 64% of Nigerian adults were financially included by the end of 2020.
According to World Bank’s 2021 Global Findex, Nigeria was one of seven nations that contributed to half of the world’s unbanked population. By the end of 2021, the number of financially excluded persons in Nigeria was estimated to be 38 million, even though the gap between banked and unbanked people has been closing since 2011.
These numbers are not surprising given that 47.25 per cent of the Nigerian population live in rural areas and cannot get efficient financial services because most traditional banks do not have extensive branch networks.
However, Nigeria is progressively narrowing the gap between the banked and unbanked, and the Central Bank of Nigeria’s goal for financial inclusion no longer feels like a far-off dream since the rise of fintech and agent banking in the financial sector.
Following the COVID-19 pandemic, digital financial transactions increased by 325 per cent to ₦704.04 trillion in 2020 from ₦165.8 trillion in 2019.
According to NIBSS data as of August 2022, the volume of financial transactions in a month had reached an all-time high, totalling ₦238.7 trillion. Nigerians may support the CBN’s cashless strategy, but that does not necessarily mean that the unbanked have increased access to these financial services. As a result, fintech is crucial in Nigeria’s effort to achieve financial inclusion.
The Central bank of Nigeria has set a target to reach 95 per cent financial inclusion by 2040. With innovations spearheaded by fintech, an increase in mobile money operators, the recent increase in Nigeria’s financial inclusion rate, and collaboration among stakeholders, the projection is not nearly as unachievable as it may have seemed years ago.
Telecom
NCC Bars Ex-Officials from Joining Telecom Firms for 5 Years

Nigerian Communications Commission (NCC) has introduced strict corporate governance rules that will bar its top officials from taking up roles in telecom companies they regulate until five years after leaving office.
Under the new Corporate Governance Guidelines for the Communications Industry, the Chairman, Executive Vice-Chairman, and Board Commissioners, both executive and non-executive, are barred from being appointed to any position in a licensed telecom company until five years after their exit from the Commission.
Similarly, Directors of Departments at the NCC face a three-year cooling-off period before they can take jobs with any licensee under the Commission’s supervision.
The move, announced on August 11, 2025, seeks to enhance transparency, accountability, and ethical standards in Nigeria’s fast-growing telecommunications industry.
Departmental directors face a three-year cooling-off period before joining any licensee under the agency’s oversight.
This policy aims to prevent conflicts of interest and ensure impartial regulation.
By creating a clear separation between regulators and the industry, the NCC hopes to curb undue influence and maintain public trust.
]The guidelines reflect a global trend in regulatory bodies enforcing cooling-off periods.
Similar measures exist in industries like finance and energy to safeguard against regulatory capture.
For Nigeria’s telecom sector, this is a significant step toward aligning with international best practices.
The NCC’s new framework also targets telecom operators’ internal governance.
Board chairmen or vice-chairmen are barred from holding executive powers or serving as MD/CEO of a licensee.
Former board chairmen and non-executive directors must wait five years before assuming executive roles in the same company or its affiliates.
Additionally, no more than two family members can serve on a licensee’s board simultaneously.
These measures aim to promote balanced board structures and reduce nepotism.
Dr Aminu Maida, executive vice-chairman, NCC, emphasised the importance of these reforms.
“Corporate governance is no longer a soft requirement. It is now a strategic imperative,” he said during the guidelines’ launch in Lagos.
Maida highlighted that robust governance correlates with better business performance, citing an NCC internal review. Companies with strong governance frameworks consistently outperform peers in service delivery, financial management, and regulatory compliance.
Nigeria’s telecom sector is a cornerstone of its digital economy. With over 222 million active mobile subscriptions as of Q1 2025, the industry supports critical sectors like finance, healthcare, and education.
However, challenges like cybersecurity threats, energy shocks, and rising consumer demands have exposed governance weaknesses. The NCC’s new rules aim to address these by fostering transparency, accountability, and innovation.
The guidelines apply to all communications companies holding individual licences and paying Annual Operating Levies (AOL) under the AOL Regulations 2022.
The NCC has indicated flexibility in applying the rules across different licence categories, with phased compliance measures to be communicated in writing. While the rules may cause short-term disruptions for operators, the NCC insists that long-term benefits, like improved service quality and market trust, will outweigh these challenges.
Telecom
Airtel, Vodacom sign Network Infrastructure Agreement to Drive Digital Inclusion

Airtel Africa and Vodacom Group have announced a strategic infrastructure sharing agreement in key markets including Mozambique, Tanzania and the Democratic Republic of Congo (DRC), subject to regulatory approvals in the various countries.
The agreement marks a transformative milestone in promoting digital inclusion and expanding access to reliable connectivity across Africa.
The initial partnership focuses on sharing fibre networks and tower infrastructure, to accelerate the roll-out of digital services in these markets, increasing connectivity for customers while reducing operators’ infrastructure costs and improving speed to market.
By leveraging existing infrastructure, the collaboration aims to deliver improved connectivity, faster internet speeds, and more reliable services. This will not only enhance customer experience but also assist with providing access to digital services for a broader population, particularly those in underserved areas, helping to bridge the digital divide in Africa.
Vodacom Group’s chief executive officer Shameel Joosub said: “Providing connectivity to empower people is at the core of our strategy. Our partnership with Airtel Africa is a proactive step forward in creating a sustainable, inclusive, and connected digital future for the continent.
Through infrastructure sharing, we can provide cost-effective services to more people, more rapidly, ensuring that no one is left behind in the digital age. As we fulfil our ambition to connect 260 million customers by 2030, the need for scalable and cost-efficient network solutions becomes increasingly significant.
This partnership provides us with the opportunity to narrow the digital divide, empowering more individuals and communities through digitalisation across the continent. It is aligned with our purpose to connect for a better future,” concludes Joosub.
Airtel Africa’s chief executive officer Sunil Taldar said: “This partnership is aligned with our unwavering commitment to delighting our customers by always making our network available to them even in the remotest locations.
“Working with Vodacom, we will open greater access to digital and financial opportunities which will transform the lives of our customers while complying with all regulatory requirements.
“Even as competitors, it has become a business imperative for us to collaborate in the provision of critical infrastructure required to build resilient network with strong capacity to support the emerging digital technologies as well as the growing need for data-enabled products and services.
“Accelerating the deployment of fibre connectivity is a key enabler in the acceleration of 4G and 5G technologies in Africa to deliver the high-speed, low-latency, and reliable connections needed for modern digital applications.
“This partnership allows for further opportunities for both operators to enhance network performance, extend coverage, and increase mobile, fixed, and financial services leveraging a broader footprint on the continent.”
Telecom
Truecaller Crosses 100m Users in MEA Region

Truecaller, a global caller ID and spam prevention platform, has reached 100 million active users in the Middle East and Africa (MEA) region, representing a 19% year-over-year increase.
According to the platform, the region’s main markets include Egypt, Nigeria, South Africa, Kenya, Algeria, Ghana, and Jordan.
Truecaller is routinely utilised on 20% to 45% of connected cellphones in these areas, including Android and iOS devices, according to the business.
The app has gained traction across the African continent with its concept of resolving communication issues for individuals and businesses by blocking unsolicited calls.
It has also collaborated with local businesses, forming major partnerships including a recent cooperation with Telecom Egypt to change consumer communication and experience by providing safe, customised, and seamless calling experiences.
Truecaller’s CEO, Rishit Jhunjhunwala, stated that the service has grown organically in markets such as MEA and India due to the mobile first environment, which uses a user’s mobile number as the primary identifier of calls. He under-lined that the MEA market provides a growth-enabling environment.
“We’re continuing to strengthen our organisation and our partnerships in the region, because we believe that the MEA is poised for significant growth for many years ahead,” said Jhunjhunwala.
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