The Executive Vice Chairman, Nigeria Communications Commission, Professor Umar Danbatta (NCC) on Tuesday said the the telecommunication regulatory commission has established a Financial Inclusion Desk in the Policy, Competition & Economic Analysis (PCEA) Department to anchor and interface with the Central Bank of Nigeria (CBN) and other stakeholders in the digital space of the country.
Prof. Danbatta who made this known at the opening session of a three-day Digital PayExpo in Lagos, said that NCC has been actively involved and committed to the implementation of the Federal Government’s National Financial Inclusion policy with record of various key engagements relevant government and private agencies through the PCEA office.
According to the NCC chief represented by the Deputy Director, Policy, Competition & Economic Analysis, NCC, Bashir Idris,the commission has been mindful of the huge potentials of the telecommunications infrastructure towards achieving national financial inclusion scheme for the country
And it has ensured the telecommunications infrastructure is continually upgraded, expanded and made robust to boost amongst other things the delivery of financial innovation and services in the country.
The Central Bank of Nigeria (CBN) hosts the secretariat of the national Financial Inclusion Initiative that was launched on October 23, 2012 with the overall objectives of reducing the percentage of adult Nigerians excluded from financial services from 46.3% reported in 2010 to 20% in 2020.
The EVC said that NCC’s commitment towards financial inclusion is evident through the participation and collaboration with the Central Bank of Nigeria (CBN).
“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.
“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.
The EVC that as a regulator with a mandate to ensure enabling infrastructure is provided, it has also established the PCEA for access subscribers in the telecoms sector who are also targets to bridge the wide gap between the banked and the unbanked Nigerians.
