By Theresa Igata
The Nigerian Communications Commission, NCC, has reiterated its commitment and active involvement to the implementation of the Federal Government’s National Financial Inclusion strategy.
According to the Commission, it has ensured telecommunications infrastructure is continually upgraded, expanded and made robust to boost amongst other things the delivery of financial innovation and services in the country.
Speaking at the opening session of a three-day Digital PayExpo event in Lagos, the EVC of the NCC, Prof. Umar Danbatta who was represented by the Deputy Director, Policy, Competition and Economic Analysis of the Commission, Bashir Idris, alluded to the fact that the Commission’s commitment towards financial inclusion is evident through its participation and collaboration with the Central Bank of Nigeria (CBN).
Danbatta also disclosed that as a regulator with a mandate to ensure enabling infrastructure is provided, it has established a Financial Inclusion Desk in the Policy, competition and Economic Analysis (PCEA) Department to anchor and interface with the CBN and other stakeholders in the digital financial ecosystem.
It would be recalled that the purpose of defining a Financial Inclusion strategy for Nigeria according to the CBN, is to:*Ensure that a clear agenda is set for significantly increasing both access to and use of financial services by 2020 *Ensure that the concerns and inputs of all stakeholders are considered before regulations and policies are set for Financial Inclusion in Nigeria and *Outline the framework for increasing the formal use of financial services to 70 per cent from the current level of 36 per cent of the adult population.
“One of the major driving force of the Commission is to provide Universal Access, especially to the underserved and unserved parts of the country. Invariably, this has a link with the overall objective of the National Financial Inclusion strategy. ”
“Furthermore, a major channel currently being used for digital financial service provision is USSD. The NCC has just recently concluded a Cost Study on Mobile Termination Rate. One of the deliverables of the Case Study is to determine the cost of USSD service”.
“The outcome of the Case Study will be communicated to the industry very soon. This, we believe, will assist in the facilitation of USSD-based financial service delivery at an affordable price,” he said.
