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NCC, FintechNGR Renew Commitment to Deepen Nigeria’s Fintech Sector

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Following recent engagements with the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN), the Governing Council of FintechNGR, led by the President, Ade Bajomo, engaged with Dr Aminu Maida, Executive Vice Chairman of the Nigerian Communications Commission (NCC), and his management team.

This meeting aimed to deepen the role of the telecommunications sector as a crucial enabler of fintech in Nigeria.

The engagement addressed the critical issue of connectivity and investment in public infrastructure, emphasizing the need for improved connectivity to support essential services such as schools, airports, fire services, police stations, and parks, thereby enhancing timely emergency response.

Ade Bajomo highlighted the inclusive nature of FintechNGR as a strength that regulators should leverage to develop robust policies and regulatory frameworks. He underscored the importance of harnessing Nigeria’s natural resources, particularly lithium, to power base stations and reduce operating costs for telecommunications players.

“Leveraging alternative energy sources built on lithium batteries will greatly enhance connectivity, facilitate efficiency, and drive environmental sustainability,” said Bajomo. He proposed a public-private collaboration to develop these mineral resources.

Dr Aminu Maida responded by emphasizing the need for Nigeria to build internal capacity for creating mobile devices. He noted that approximately 57% of mobile phones in Nigeria still operate on 2G networks, which do not provide broadband speed for users, and that the Commission is working with the industry and other cross-sectors to advance user transition to newer technologies such as 5G.

He stressed the importance of FintechNGR working with regulators to facilitate the maturity of fintechs through corporate governance empowerment, training, and mentorship. Dr. Maida also highlighted the need for a coordinated approach to combating fraud and cybersecurity threats in the financial sector.

“Deepening partnerships between fintechs, financial services providers, and the telecoms sector through collaboration will significantly strengthen innovation in Nigeria,” he said.

The NCC noted that it will work with FintechNGR to enrich the activities of the Regulators Forum—a forum of regulators and innovators in Nigeria that aims to balance regulation and innovation—to facilitate a more impactful Nigeria Fintech Week and leverage the Association as a valuable resource in future regulatory and policy development initiatives.


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MoMo PSB, LSSBI Advisory Partner for Seamless Tax Payments

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MoMo PSB has announced a partnership with Leadership Strategy Sustainability Business Innovation (LSSBI) Advisory to enhance financial inclusion and streamline tax payments in Ekiti, Nasarawa, and Rivers states.

This collaboration introduces MoMo as the official payment platform for taxpayers, enabling easy and convenient payments via the USSD code *5229#.

Nigeria CommunicationsWeek report that the partnership aims to boost compliance, drive revenue development, and promote financial autonomy for marginalised communities. Key stakeholders highlighted the significance of this collaboration in closing the financial gap and promoting economic growth.

Read Also: MTN Nigeria takes full control of MoMo bank for $4.6m

With this initiative, MoMo PSB reaffirms its commitment to providing accessible and user-friendly financial services to all Nigerians, particularly the unbanked and underbanked populations.

The launch of the USSD code *5229# demonstrates MoMo PSB’s dedication to expanding financial inclusion and promoting digital payments.

Ekiti State officials lauded the partnership, commenting on the convenience of using the MoMo payment platform, while emphasising its potential to increase tax compliance and benefit local communities.

The collaboration is part of a broader initiative to empower citizens with financial autonomy, encourage saving, and promote responsible money management.

As the rollout begins in Ekiti, Rivers, and Nasarawa, MoMo PSB and LSSBI Advisory aim to expand the initiative nationwide, encouraging other states and private sector partners to explore similar collaborations, leveraging technology to improve access to financial services. This partnership marks a new era in tax payment solutions, prioritising efficiency, inclusivity, and financial empowerment for all Nigerians.

MoMo PSB, established in May 2022 as the fintech division of MTN, continues to focus on delivering user-friendly, accessible, and affordable financial services to both new and existing customers across Nigeria.


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Glo Introduces Instalment Payment Scheme for Purchase of Smartphones

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Globacom has unveiled a new device acquisition scheme to enable Nigerians own smartphones and pay conveniently over several months. The scheme is dubbed: “Buy Now, Pay Small Small” and is available in Gloworld shops across the country.

The scheme aims to bridge the digital divide by enabling individuals and businesses have access to the latest smartphones and devices more conveniently. This, Globacom claims, will make customers more connected and more productive.

A press statement released by Globacom explained that it is offering flexible payment options to its customers so they can acquire devices of their choice and spread the cost of these new devices over several months through instalment payments that is manageable for them.

The scheme has a wide range of smartphones and other smart devices from top brands that customers can chose from.

This device financing is available to all new and existing Glo customers who can avail the benefits of the programme when purchasing new devices from Gloworld stores across Nigeria.

Moreover, customers can choose from various payment plans to suit their budget, with tenures of up to six months and special interest rates on all flagship devices.

Globacom said customers who purchase devices under the programme will also be given a data bonus of 18GB for six months, adding that it is focused on customer satisfaction, through ensuring a convenient system of smartphone acquisition for Nigerians.


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Here’s Your Last Chance to Secure Discounted Starlink Kits @ Konga

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Starlink Week at Konga, an exceptional opportunity to acquire reliable satellite internet at a significantly discounted price, ends tomorrow, Saturday, August 31, 2024.

Nigeria CommunicationsWeek gathered that customers now have chance to secure a Starlink kit at an exceptional price and experience the transformative power of high-speed internet.

Throughout the week, Konga has been dedicated to making Starlink’s cutting-edge technology more accessible to Nigerians.

Read Also: Konga Announces Starlink Week: An Opportunity To Own High Speed Internet Kit

The e-commerce giant offered Starlink kits and accessories at reduced prices, along with perks that have made this offer hard to resist.

In addition to the unmatched prices, Konga included free nationwide delivery to ensure that customers from every corner of Nigeria benefited from this offer.

Konga also provided free same-day delivery in major cities like Lagos, Abuja, and Port Harcourt, ensuring that customers can start enjoying their Starlink experience almost immediately.

As Starlink Week draws to a close, this is the final call for those who still need to take advantage of this limited-time offer.

The discounted prices, combined with the exceptional delivery options, represent a rare opportunity to invest in a technology that has revolutionized internet accessibility across the globe.

Konga’s Starlink Week has been more than just a promotional event; it has been a gateway to connectivity, offering Nigerians a reliable solution to their internet needs.

Starlink provides the service you need to stay connected wherever you are in Nigeria.

Take advantage of this exclusive opportunity. Visit Konga.com today or walk into any of Konga’s retail stores to secure your Starlink kit before the campaign ends.


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