By Chinedu James
The Nigerian Communications Commission (NCC) has said that its regulatory laws and framework expresses support and commitment to the financial inclusion provision even as it scrupulously pursues an atmosphere of excellence, integrity, security and sustainability for the telecommunications industry.
The Executive Vice Chairman of the NCC, Prof. Umar Garba Danbatta, represented by the Deputy Director, Policy, Competition and Economic Analysis, NCC, Bashir Idris made this statement at the recent Digital Pay Expo 2018 in Lagos.
Dambatta while speaking on the session, ‘Enabling Financial Inclusion, A multi-Agency Approach’said that the commission remains committed towards ensuring a regulatory framework driven by excellence that will engender a positive surge in the financial inclusion provision of the federal government.
“As a regulator of a dynamic industry, the NCC is aware that regulations are ever changing, including those for financial inclusion globally.
“We are in no way averse to supporting the dynamism of financial inclusion service provision, however it is of utmost importance to ensure the integrity, security and resilience of the telecommunications infrastructure networks at all times,” he said
According to Dambatta, financial inclusion holds great potentials for the Nigerian economy and for the financial stability of the country and as such as collaborated with the main driver of the provision, the Central Bank of Nigeria (CBN) to achieve the set target of 80% financial inclusion for adults.
“This target was set taking into consideration the vast potential access to finance holds. This potential which include economic productivity; job creation; poverty reduction and growth are very important to individual household, communities and for the transformation of the Nigerian economy in general.
“Given the important role financial inclusion plays in Nigeria’s financial stability, the NCC has actively collaborated with the CBN following the launch of the strategy in 2012, in coordinating the deployment of a number of products and channels particularly targeted at people at the base of the pyramid, especially women and youths in rural areas,” he said.
He further emphasized that in order to achieve the National Financial Inclusion (NFIS) target, an all-inclusive multi-stakeholder approach is imperative and every sector within the financial ecosystem need to further engage the members of the NFIS to discuss more ways and strategy to foster growth in the financial sector.
The NFIS was launched on 23rd October, 2012 and has recorded a slight improvement from 46.3% recorded in 2010 to 41.6% exclusion rate, a report from the 2016 edition of the biannual survey by Enhancing Financial Innovation & Access (EFInA) says. Enhancing Financial Innovation & Access is a financial sector development organization that promotes financial inclusion in Nigeria.