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Chief Commercial Officer of Itex, Adekunle Adebiyi Highlights Role of Fintech in Financial Inclusion

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Adekunle Adebiyi, Chief Commercial Officer at Itex Integrated Services Ltd, spoke extensively on the impact of fintech and Nigeria’s financial inclusion goals, in a recent interview on popular Lagos radio station, Nigeria Info FM.

Adebiyi shed light on the role of fintech in the country’s financial inclusion strategy, and how a focus on rural distribution can help reach more unbanked Nigerians. “Fintechs work with traditional banks to improve the sustainability and accessibility of the services they offer to the public.

“Because of this, distribution is crucial if we are to reach Nigerians without bank accounts. Rural areas, where more unbanked people reside, must become the focus instead of metropolitan and semi-urban areas.

“As a country, we have made progress toward financial inclusion, but if we are to meet our goal, we must use financial technology.”

Rural communities continue to suffer as banks cut operational costs by reducing the number of ATMs and branches, focusing instead on getting more customers to embrace digital banking through smartphones. Yet, 40 percent of adults living in rural areas have no formal bank account and limited smartphone access.

Thankfully, PoS terminals and mobile money agents are increasing, providing financial services and, in some cases, acting as an agent through which the unbanked can open tier 1 bank accounts requiring only passport photographs.

It was important to understand that traditional banking and fintech were both sides of the same coin. “Traditional banking and financial technology are not on either side of the divide; I see a convergence. Fintech is about using technology to enhance the process of financing, making it easier, accessible and sustainable.

For example, Itex has made buying electric bills easier; with a mobile device you can top up and pay for power without leaving the comfort of your home, that’s the effect of financial technology.”

Although Nigeria has the largest economy in Africa and is home to five of Africa’s seven unicorns, its target for financial inclusion as stated in the National Financial Inclusion Strategy (Revised) in 2018 had a goal to reach 80% financial inclusion in the year 2020, but only 64% of Nigerian adults were financially included by the end of 2020.

According to World Bank’s 2021 Global Findex, Nigeria was one of seven nations that contributed to half of the world’s unbanked population. By the end of 2021, the number of financially excluded persons in Nigeria was estimated to be 38 million, even though the gap between banked and unbanked people has been closing since 2011.

These numbers are not surprising given that 47.25 per cent of the Nigerian population live in rural areas and cannot get efficient financial services because most traditional banks do not have extensive branch networks.

However, Nigeria is progressively narrowing the gap between the banked and unbanked, and the Central Bank of Nigeria’s goal for financial inclusion no longer feels like a far-off dream since the rise of fintech and agent banking in the financial sector.

Following the COVID-19 pandemic, digital financial transactions increased by 325 per cent to ₦704.04 trillion in 2020 from ₦165.8 trillion in 2019.

According to NIBSS data as of August 2022, the volume of financial transactions in a month had reached an all-time high, totalling ₦238.7 trillion. Nigerians may support the CBN’s cashless strategy, but that does not necessarily mean that the unbanked have increased access to these financial services. As a result, fintech is crucial in Nigeria’s effort to achieve financial inclusion.

The Central bank of Nigeria has set a target to reach 95 per cent financial inclusion by 2040. With innovations spearheaded by fintech, an increase in mobile money operators, the recent increase in Nigeria’s financial inclusion rate, and collaboration among stakeholders, the projection is not nearly as unachievable as it may have seemed years ago.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Vitel Wireless Partners Fintechs to Expand Access to Services

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Vitel Wireless has entered into partnership with OPay Limited and Moniepoint Limited, to expand access to airtime and data services, particularly in Nigeria’s underserved and rural communities.

Vitel Wireless Partners Fintechs to Expand Access to Services

The collaboration enables millions of customers on both fintech platforms to seamlessly purchase Vitel Wireless airtime and data directly from their bank accounts and digital wallets, a move designed to simplify access and improve connectivity nationwide.

Chudi Nwabueze, chief operating officer, Vitel Wireless, said the initiative highlighted the growing convergence between financial services and telecommunications in Nigeria.

He noted that by leveraging the expansive reach and infrastructure of fintech platforms, the company is removing long-standing barriers to mobile access.

Nwabueze added that the move builds on Vitel’s existing partnerships with traditional financial institutions such as Fidelity Bank and Zenith Bank, extending its footprint into the rapidly growing fintech ecosystem.

“This integration allows users to conveniently top up airtime and purchase data bundles through familiar banking and wallet platforms, improving accessibility and overall user experience,” he said.

Also speaking,  Odera Ben-Chiobi, product marketing manager, Vitel Wireless, said the partnership aligns with the company’s mission to democratize access to mobile connectivity across Nigeria.

According to her, the collaboration will bring telecom services closer to millions of Nigerians, especially in areas where access has historically been limited.

She added that combining telecom services with digital financial platforms will also support broader financial inclusion efforts.

Vitel Wireless currently operates nationwide through a network-sharing agreement with MTN Nigeria, leveraging MTN’s infrastructure to deliver its services across the country.

The company noted that the partnership reflects a shared commitment to inclusive growth, with the potential to accelerate both financial inclusion and digital connectivity across Nigeria.

 

 


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Reps Claim NCC’s Weak Regulatory Oversight Responsible for Poor Telecom Services

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House of Representatives on Wednesday claimed that Nigerian Communications Commission’s (NCC)  weak regulatory oversight, was responsible for the country’s ongoing poor telecom service quality.

Reps Claim NCC’s Weak Regulatory Oversight  Resposible for  Poor Telecom Services

The lawmakers accused the NCC of failing to enforce standards that would compel operators to provide reliable connectivity.

They warned that persistent issues like dropped calls, slow data speeds, and network failures pose serious risks to lives and property, particularly during emergencies.

The resolution followed the adoption of a motion of urgent public importance moved by Ahmadu Jaha, representing Chibok/Damboa/Gwoza Federal Constituency in Borno State.

Speaking on the motion, Jaha emphasised the critical role of telecommunications in Nigeria’s economy and daily life, while lamenting the widening gap between subscriber expectations and actual service delivery.

“Telecommunication has become a vital part of everyday life in Nigeria. It connects families, supports businesses, enhances education, and drives economic growth. However, despite its importance, the quality of service provided by many telecom companies remains unsatisfactory,” he said.

Jaha highlighted recurring problems such as dropped calls, poor internet speeds, and failed message deliveries as signs of deeper systemic failures in the sector.“The House is concerned that poor network connectivity is a major issue.

Subscribers frequently experience dropped calls, slow internet speeds, and difficulty sending messages. This affects both personal communication and business operations, leading to frustration and financial losses,” he added.

Lawmakers also expressed dissatisfaction with the high cost of services relative to the quality received.

Jaha noted that Nigerians pay substantial amounts for data bundles that are quickly depleted due to unstable connections and frequent interruptions.

He further pointed to inadequate customer service, where complaints often go unresolved for long periods, hindering emergency communications during fire outbreaks, medical emergencies, or accidents.

The lawmaker attributed part of the problem to insufficient infrastructure expansion, especially in growing urban centres and underserved rural areas.

“Network congestion during peak hours and in densely populated areas shows that infrastructure development has not kept pace with the growing number of users,” he said.

Supporting the motion, George Ozodinobi, deputy minority whip, accused telecom operators of prioritising profits over service quality while faulting the NCC for regulatory complacency.

“It is like these companies have made enough profits in billions, and so, they don’t care about improving the network anymore. The NCC, the regulator, has become complacent,” Ozodinobi stated.

Despite the sector’s rapid growth from under one million lines in the early 2000s to over 200 million active subscriptions today challenges such as insufficient base stations, unreliable power supply, multiple taxation, and infrastructure vandalism continue to hamper service quality.

In its resolution, the House urged telecom companies to invest in modern infrastructure, expand coverage especially in rural communities, improve customer service, and adopt fairer pricing that reflects actual service quality.

The lawmakers also directed the NCC to enforce stricter quality-of-service standards and hold operators accountable.

They further resolved to set up an ad-hoc committee to investigate the root causes of poor service delivery and recommend appropriate legislative measures.

 

 


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GSMA Africa Policy Group Chair Calls for Urgent Tax Reforms to Accelerate Digital Inclusion

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Mr. Daddy Mukadi, the Chief Regulatory Officer of Airtel Africa and Chair of GSMA Africa’s Policy Group, has called on African governments to recognise telecommunications as a core economic pillar and to implement two specific tax reforms that could dramatically accelerate digital inclusion across the continent.

Speaking at the first edition of the États Généraux du Secteur des Postes et Télécommunications in Kinshasa, DRC – an event convened to support the development of a strategic roadmap for the country’s digital and telecommunications sector and attended by H.E. President Félix Tshisekedi – Mukadi, who’s also a member of the GSMA Global Policy Group, urged government and industry stakeholders to rethink the role of telecommunications in national development.

He argued that it should be framed not as a sector specific concern, but as a continent-wide imperative.

“The telecoms sector can no longer be considered merely as a support sector,” Mukadi said. “It is now a core sector. Both are vital, and every other sector, from security and finance to transport and health, depends on digital technology for growth.”

His remarks come at a critical moment for Africa’s digital economy. According to the GSMA’s Mobile Economy Africa 2025 report, the mobile sector contributed US$220 billion to the continent’s economy in 2024. This is equivalent to 7.7% of GDP and is projected to reach US$270 billion by 2030.

Yet despite mobile networks now covering 95% of Africa’s population, nearly 75% of people across the continent remain offline.

The GSMA identifies this gap as Africa’s greatest connectivity challenge, driven above all by the unaffordability of devices.

Mr. Mukadi, therefore, called for strategic adjustments to public policy, as well as legal and regulatory frameworks, to support wider access to digital services.

He asserted that the telecommunications sector should be treated as a foundational pillar of economic development, with stakeholders working together to accelerate investment, expand coverage and close the usage gap across the continent.

The Chief Regulatory Officer of Airtel Africa also highlighted key barriers to digital inclusion, including the affordability of smartphones and the impact of import duties on telecommunications infrastructure.

He proposed a two-to-three-year exemption on import duties and taxes for entry-level smartphones priced between US$40 and US$150 to help bridge the usage gap. He also called for the removal of entry duties on telecommunications equipment for at least three years to support the expansion of network coverage.

According to him, “these measures would help deliver inclusive and sustainable digital technology for economic and social progress,” Mukadi said. “They would also support faster connectivity, improved access and the ability to connect more people, businesses and communities to the digital economy.”

He added that government and the private sector must work closely to create a regulatory environment that encourages innovation, protects consumer interests and supports long-term investment.


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