Telecom
Robust FinTech Critical for Deepening Financial Inclusion in Nigeria – Maida
Dr. Aminu Maida, Executive Vice Chairman and Chief Executive officer (EVC/CEO) of the Nigeria Communications Commission (NCC), has described the Financial Technology (FinTech) industry as a critical driver of financial inclusion of Nigerian citizens living in the underserved and unserved communities across the country.
Dr. Maida made this known in his keynote address at the 2023 edition of the annual Nigeria Information Technology Reporters Association (NITRA) FinTech Forum which focused on, “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities” and took place in Lagos recently.
The EVC, who was represented at the event by the Controller of NCC Lagos Zonal Office, Mr Henry Ojiokpota, stated that the theme of the forum was suitable at this time for a discourse about the financial industry given the significant rise in digital financial services across the nation.
The EVC said Fintech is revolutionizing Nigeria’s financial ecosystem as it represents a positive disruption to the conventional financial system. Maida stated that financial technology’s emergence to leverage technology to enhance financial services such as mobile banking, borrowing, investment, and cryptocurrency, comes as an enhancer and enabler of business and other opportunities in the sphere of innovation, job creation and investment that further stimulates economic growth.
The EVC stated that fintech applications such as robo-advisors, payment apps, peer-to-peer (P2P) lending apps, investment apps, and crypto apps, among others, create business opportunities for individuals. He also stated that the adoption of these Fintech applications for socioeconomic gains by the youth, who account for 70 per cent of Nigeria’s population, will add value to the economy.
Maida recalled recent industry statistics citing active subscriptions across mobile networks in Nigeria, which hit 220.7 million in August 2023, to demonstrate that the Nigerian Fintech ecosystem can offer an array of financial services to telecom subscribers.
He said the Commission will continue to expand and enhance telecommunications infrastructure to enable robust Fintech services, and address consumer concerns, and regulatory challenges in the sector because the optimal utilization of digital technologies will enhance the provision of financial services to rural communities and underserved segments of the population through leveraging of high mobile phone penetration in Nigeria.
“Therefore, Fintech has the potential to deepen the existing payment and financial system infrastructure to reach unserved and underserved areas and further stimulate economic growth”, Maida said.
He said the Commission has begun implementing new strategies to meet the new target of 70 per cent Broadband penetration by the year 2025 as contained in the Nigerian National Broadband Plan 2020-2025 and the blueprint released by the Honourable Minister for accelerating the growth of the digital economy sector through technology.
The EVC said these policies and strategies have huge implications for enhancing derivable benefits of the Fintech industry as well as significantly and positively impacting Nigeria’s goals on financial inclusion and the digital economy at large.
The NCC boss promised that the Commission will continue to support the Fintech industry in harnessing its enormous potential and will not rest on its oars in its strides to address the challenges in the sector, including improving the provision of secured infrastructure that support the delivery of digital financial services in efficient ways. He also reiterated the Commission’s focus on maintaining minimum standards in Quality of Service (QOS) to ensure uninterrupted connectivity to enhance sectoral contribution to the economy.
The EVC stated that the Commission, in support of its vision in this sphere, has implemented a Memorandum of Understanding with CBN on boosting payment systems and financial inclusion, which is in line with the Nigeria Payments System Vision 2025. He also informed that NCC will continue to play an important role in harnessing the potential of Fintech through maximum support for Fintech policies, enforcing regulations, and strengthening collaborations with relevant authorities.
A Nigerian, Mrs. Eyitayo Iyortim, has been appointed as the new chairperson/president, Africa Top Level Domains [AfTLD].
Eyitayo Iyortim, AfTLD
According to a report by Techeconomy, AfTLD confirmed the appointment, by the Organisation Executive Committee, of Mrs Iyortim from Nigeria (.NG) as the Chairperson of the Executive Committee and President of the Organization.
She will be deputized by Prof Idrissa Sarr, vice president and the manager of the.SN ccTLD.
Mr Joel Karubiu from Kenya (.KE) continues as the Treasurer.
The newly elected Executive Committee members are Mr. Molehe Wesi, Chief Executive Officer .ZA Domain Name Authority (.ZA) and Deo Gratias Tonouhewa Manager JenySAS operator (.BJ).
Other members of the Executive Committee include Ms. Grace Ingabire, Chief Executive Officer of Rwanda Information and Communications Technology Alliance (.RW), and Mr. Molupe Molupe, Manager of Lesotho Network Information Centre (.LS)
Who is Eyitayo Iyortim?
Eyitayo Iyortim is the immediate past chief operating officer of the qA).
She has a Masters in Organisational Psychology from the University of Manchester, UK.
Eyitayo has over 20 years’ experience in Project Management, Training solutions, Talent Management Solutions, Organisational Transformation, Culture re-enginerring, IT Sales and Services.
She has worked for local and global brands which includes SAP, focus on the Family, Nigeria Internet Registration Association to mention a few.
She also consults on ERP, Digitalisation and HR projects.
Eyitayo has worked in project teams for many top-tier organisations in Nigeria including NNPC, FIRS, Dangote, UAC, NLNG.
She is a member of the British Psychological Society with CPDs in Employee Management, Relationships at Work and Assessment Centre Management.
She is also certified in Ability and Personality testing, Project Management and Life Coaching.
AFTLD
AfTLD is recognized as the representative of country code Top Level Domain (ccTLD) managers from Africa.
It is an active participant in the ICANN ccNSO, and also actively participates in various Internet governance fora with the African continent and beyond, including the IGF, where it has run a number of workshops.
With collaboration in Internet governance and development a cornerstone of the bottom-up policy development processes that make the Internet truly a multi-stakeholder phenomenon, AfTLD works in collaboration and partnership with other Regional Top-Level Domain Organizations (RTLDOs), these being APTLD, CENTR and LACTLD.
In a concerted effort to address widespread complaints about data depletion, Nigeria’s Mobile Network Operators (MNOs) have collaboratively launched a consumer sensitization campaign aimed at providing practical guidance for more effective data management. This initiative is designed to enhance consumer satisfaction by helping subscribers optimize their data usage.
In a unified statement, the MNOs highlighted several smart data usage behaviors that can help prevent data depletion. These include disabling automatic app updates, enabling data saver mode, and closing unused apps to prevent background data consumption.
To prevent unauthorized access and strengthen data security, the MNOs advised consumers to use stronger passwords and regularly update their hotspot and Wi-Fi passwords to prevent unauthorized access. For a seamless video streaming experience, users should ensure they have sufficient data and turn off auto-downloads to effectively manage content consumption.
With the advent of advanced network technologies like 4G, LTE, and the latest 5G, which offer ultra-fast data speeds and enhanced browsing and streaming experiences, the speed of data consumption and pattern have increased significantly. Consumers are encouraged to understand these changes and manage their data usage accordingly.
“It is important for consumers to familiarize themselves with the specific terms and conditions of their data plans,” the MNOs emphasized.
“Different plans cater to various needs, including weekend-specific plans, social media-only plans, and regular plans configured for night use only.”
For additional tips on smarter data usage and management, consumers should visit the NCC website at https://consumer.ncc.gov.ng or the official MTN website – https://www.mtn.ng/manage-data/
Ijesha Digital Innovation Hub has announced the graduation ceremony of its first cohort of trainees.
Ijesha Digital Hub
The landmark event will take place on Monday, July 8th, 2024, starting promptly at 2:00 PM at the Royal Park Hotel on the beautiful campus of Olashore International School, Iloko-Ijesa.
In a press statement on Friday, Dr Adewale Alonge, Vice President, IGAD, said that after six months of intensive and globally benchmarked courses of study, “the hub is proud to graduate 48 trainees who have completed rigorous programs leading to certification in Artificial Intelligence & Machine Learning, Cybersecurity, and UI/UX Design. The graduating class includes 10 trainees in UI/UX Design, 23 in Cybersecurity, and 15 in Artificial Intelligence & Machine Learning”.
The ceremony will feature a keynote address by Sir Aladekomo, Chairman of SmartCity Resorts Plc and Founder of Chams Plc, a pioneer in the Nigerian tech industry.
“The event will be chaired by Asiwaju Yinka Fasuyi, the esteemed Asiwaju of Ijeshaland, who will also deliver remarks celebrating the achievements of the graduates and the impact of the Innovation Hub.
“The media is invited to cover this significant event, which marks a new chapter for the 48 graduates as they embark on their professional journeys equipped with cutting-edge skills and knowledge. This graduation is a testament to the hub’s commitment to providing skills development training today so that participants can build tomorrow”, Dr. Alonge said.
The Ijesha Digital Innovation Hub, an initiative of the Ijesha Global Alliance for Development (IGAD), is dedicated to advancing the social, economic, and industrial development of Ijesaland in Nigeria. IGAD, a Florida, US-registered tax-exempt non-profit organization, mobilizes the resources and talents of Ijesas across the globe to foster the development of their homeland.
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