The Nigerian Communication Commission (NCC) and the Central Bank of Nigeria (CBN) on Tuesday in Abuja signed a Memorandum of Understanding (MoU) on payment system.

Prof. Umar Danbatta, the Executive Vice Chairman of NCC, said the signing of the MoU between NCC and CBN was a landmark in the digital transformation process that the commission was mandated to do courtesy of the Act establishing it.

Danbatta said the MoU, which was on mobile money service and financial inclusion followed useful work done by a committee made up of members of the two organisations.

He said the digital transformation process targeted governance and transformation of key services sector of the economy and one of such sector was the financial sector.

Danbatta said the signing of the MOU was also a positive statement that NCC and CBN were making about their content to ensure digital transformation process in the country and all other sectors of the economy.

“And how the organisations can bring this experience to bear in other sector of Nigeria’s economy like education, transportation and other key service sectors including the delivery of good governance to the citizens of the country.

“ NCC is committed to this transformation process which we are daily thinking of what to do to ensure we reach the desired destination by making sure our people participate in the digital economy.

“In a way and manner that they will be empowered to leverage on information and Communication Technology (ICT) to conduct their daily businesses,’’ he said.

Mr Godwin Emiefele, the Governor of CBN, said the intention of the MoU between both organoisations was to see how they  could work together toward driving the payment system in the country.

Emiefele said the MoU was geared toward reducing cash transaction and enhancing cashless operations in the country.

He said the signing of the MoU would also help to facilitate financial inclusion and drive a more robust payment system in the country.

“I am very delighted because with this signing, we are now very sure and certain that we will very easily improve the level of financial inclusion from the level it is today which is about 48 per cent.

“And we will set a target for ourselves that by 2020, which is in three years or below that the level of financial inclusion should increase to 80 per cent.

“ I can assure that this signing provides framework for licensing of payment service provider,‘’ he said.

Emiefele said the MoU was also a framework that would guide the working of those who were stakeholders both in the banking industry as well as the telecommunication industry.

He added that this was not just for mobile payment but also the payment system in the country.

“We look forward to many more years of close collaboration between the CBN and banking system on one hand and the NCC, telecommunication industry on another hand.