Dr. Aminu Maida, Executive Vice Chairman and CEO of the Nigerian Communications Commission (NCC), has underscored the need to expand and improve telecommunications infrastructure to support and enhance fintech services across Nigeria. Speaking at the 2023 Nigeria Information Technology Reporters Association FinTech Forum, themed Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities, Maida emphasized that effectively utilizing digital technologies is vital to extending financial services to underserved and rural areas through mobile phone access.

Represented by Henry Ojiokpota, Controller of the NCC Lagos Zonal Office, Maida stressed that fintech is a significant driver of financial inclusion, especially for individuals in unserved regions. Fintech’s innovative approach, he noted, is transforming Nigeria’s financial landscape and challenging traditional financial systems.

“Fintech holds tremendous potential to expand payment and financial infrastructure, reaching underserved areas and driving economic growth,” Maida stated. He added that the NCC is preparing to introduce strategic initiatives to achieve a 70% broadband penetration target by 2025, aiming to further extend fintech’s reach and foster economic development throughout the country.