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Robust FinTech Critical for Deepening Financial Inclusion in Nigeria – Maida

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Dr. Aminu Maida, Executive Vice Chairman and Chief Executive officer (EVC/CEO) of the Nigeria Communications Commission (NCC), has described the Financial Technology (FinTech) industry as a critical driver of financial inclusion of Nigerian citizens living in the underserved and unserved communities across the country.

Dr. Maida made this known in his keynote address at the 2023 edition of the annual Nigeria Information Technology Reporters Association (NITRA) FinTech Forum which focused on, “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities” and took place in Lagos recently.

The EVC, who was represented at the event by the Controller of NCC Lagos Zonal Office, Mr Henry Ojiokpota, stated that the theme of the forum was suitable at this time for a discourse about the financial industry given the significant rise in digital financial services across the nation.

The EVC said Fintech is revolutionizing Nigeria’s financial ecosystem as it represents a positive disruption to the conventional financial system. Maida stated that financial technology’s emergence to leverage technology to enhance financial services such as mobile banking, borrowing, investment, and cryptocurrency, comes as an enhancer and enabler of business and other opportunities in the sphere of innovation, job creation and investment that further stimulates economic growth.

The EVC stated that fintech applications such as robo-advisors, payment apps, peer-to-peer (P2P) lending apps, investment apps, and crypto apps, among others, create business opportunities for individuals. He also stated that the adoption of these Fintech applications for socioeconomic gains by the youth, who account for 70 per cent of Nigeria’s population, will add value to the economy.

Maida recalled recent industry statistics citing active subscriptions across mobile networks in Nigeria, which hit 220.7 million in August 2023, to demonstrate that the Nigerian Fintech ecosystem can offer an array of financial services to telecom subscribers.

He said the Commission will continue to expand and enhance telecommunications infrastructure to enable robust Fintech services, and address consumer concerns, and regulatory challenges in the sector because the optimal utilization of digital technologies will enhance the provision of financial services to rural communities and underserved segments of the population through leveraging of high mobile phone penetration in Nigeria.

“Therefore, Fintech has the potential to deepen the existing payment and financial system infrastructure to reach unserved and underserved areas and further stimulate economic growth”, Maida said.

He said the Commission has begun implementing new strategies to meet the new target of 70 per cent Broadband penetration by the year 2025 as contained in the Nigerian National Broadband Plan 2020-2025 and the blueprint released by the Honourable Minister for accelerating the growth of the digital economy sector through technology.

The EVC said these policies and strategies have huge implications for enhancing derivable benefits of the Fintech industry as well as significantly and positively impacting Nigeria’s goals on financial inclusion and the digital economy at large.

The NCC boss promised that the Commission will continue to support the Fintech industry in harnessing its enormous potential and will not rest on its oars in its strides to address the challenges in the sector, including improving the provision of secured infrastructure that support the delivery of digital financial services in efficient ways. He also reiterated the Commission’s focus on maintaining minimum standards in Quality of Service (QOS) to ensure uninterrupted connectivity to enhance sectoral contribution to the economy.

The EVC stated that the Commission, in support of its vision in this sphere, has implemented a Memorandum of Understanding with CBN on boosting payment systems and financial inclusion, which is in line with the Nigeria Payments System Vision 2025. He also informed that NCC will continue to play an important role in harnessing the potential of Fintech through maximum support for Fintech policies, enforcing regulations, and strengthening collaborations with relevant authorities.


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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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Lebara Launches Agent Registration Portal

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Lebara Nigeria has launched the Agent Registration Portal (ARP), a new digital onboarding platform designed to accelerate the expansion of its retail and point-of-sale (POS) network nationwide.

Lebara Launches Agent Registration Portal

Through the Agent Registration Portal, Lebara aims to create awareness, build trust and credibility within the retail channel, create opportunities for Nigerians to register and become Lebara partners, and position the brand as a modern, digitally driven, and opportunity – focused telecom operator.

With the introduction of the Agent Registration Portal, alongside its earlier customer-focused digital tools, Lebara Nigeria is designed to empower SMEs, independent distributors, SIM sellers, and retailers nationwide by removing traditional barriers to entry and enabling compliant, digital-first onboarding at scale.

Also, positioning  itself as a digitally driven telecom entrant, focused on speed, compliance, and nationwide reach as it prepares for full-scale operations across the country.

The rollout comes as part of a national onboarding campaign running from January to March, 2026, targeting both low-scale retail agents and high-scale distributors.

Through the portal, Lebara aims to rapidly grow its digital and physical presence across Nigeria while ensuring all partners meet required compliance and verification standards

The Agent Registration Portal is accessible via the Lebara Nigeria website and allows prospective agents and distributors to complete the entire onboarding process online.

Once approved, partner locations are activated as Lebara POS outlets, trained and authorized to sell Lebara starter packs, data bundles, vouchers and other Lebara Nigeria products and services.

The launch builds on Lebara Nigeria’s earlier digital initiatives ahead of its full market entry.

Prior to the Agent Registration Portal rollout, the company introduced a Number Registration Portal, enabling prospective customers to select and reserve preferred phone numbers before the network goes live.

The service allows users to secure personalised numbers such as memorable dates, culturally significant digits, or easy-to-recall patterns through a simple online process, giving customers early control over their mobile identity.

The Agent Registration Portal onboarding process follows a structured flow from account creation and document upload to compliance checks, verification, approval, and activation. Applicants are required to submit details such as National Identification Number (NIN), valid government-issued ID, Tax Identification Number (TIN), and address information. Where all documentation is complete, onboarding can be completed within 30 minutes, after which applicants receive email confirmation and next steps.

Commenting on the launch, Mary O. Akin-Adesokan, Chief Operating Officer of Lebara Nigeria, said the portal is central to the company’s operational and growth strategy in the country.

“The Agent Registration Portal is a key part of our strategy to scale Lebara’s retail presence nationwide. It allows us to onboard partners faster, ensure full compliance, and provide both small retailers and large distributors with a transparent and reliable way to do business with Lebara.

“Together with our earlier Number Reservation Portal, it demonstrates our commitment to using digital innovation to simplify access, empower partners, and enhance the overall telecom experience,” she said.


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MTN CEO Toriola Hails Nigeria’s Telecom Transformation at MIPAD

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MTN Nigeria CEO Karl Toriola has declared that the era of outsiders telling Africa’s story is over, positioning the continent as a global powerhouse of authors, architects, and innovators.

MTN CEO Toriola Hails Nigeria’s Telecom Transformation at MIPAD

MTN Nigeria

Toriola made the remarks while accepting the ‘CEO of the Year’ award at the 2025 Most Influential People of African Descent (MIPAD) Recognition Ceremony in Lagos.

“For decades, stories about Africa were told about us, but rarely by us,” he said, rejecting outdated narratives of conflict and need. “We are no longer the subjects of the story; we are the authors. Africa’s time is now.”

He spotlighted African talent now leading global organisations, alongside Afrobeats and art reshaping world culture, drawing the Diaspora home with investments, not just emotions.

Toriola anchored his vision in MTN Nigeria’s journey, recalling a time when Nigeria’s 120 million people shared fewer than 500,000 telephone lines. “When MTN entered in 2001, analysts said Nigerians were too poor for mobile phones. They were wrong. They underestimated the Nigerian spirit,” he said.

From that first call in May 2001, MTN has connected over 84 million subscribers, building Nigeria’s “digital nervous system.”

He described Nigeria as uniquely investable due to its resilience and scalability, dedicating the award to MTN’s “real heroes”—engineers scaling masts and frontline customer service staff.

As MTN marks 25 years in 2026, Toriola pledged: “We are going nowhere. We are rooted in the soil of Nigeria and Africa.” He urged global elites to become the continent’s “Most Impactful Builders.”


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Study Shows Blocks in Telegram are Pushing the Underground Out

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Modern messengers, such as WhatsApp, Telegram, Signal and others, are often used for illicit purposes. Kaspersky Digital Footprint Intelligence has conducted an in-depth monitoring of over 800 blocked cybercriminal Telegram channels between 2021 and 2024.

While a range of illegal activities continues to be hosted on the platform, its environment has become noticeably more challenging for sustained underground operations.

Telegram’s bot framework and other built-in features make for a low-effort ecosystem for the underworld.

A single bot can simultaneously manage queries, process cryptocurrency payments, and instantly deliver stolen bank cards, info-stealer logs, phishing kits, or DDoS attacks to hundreds of buyers per day, often without operator involvement.

Unlimited, non-expiring file storage eliminates the need for external hosting when distributing multi-gigabyte database dumps or stolen corporate documents. This frictionless automation naturally favours high-volume, low-price, low-skill offerings, such as leaked bank cards or other data, hosting malware, etc.

High-value, trust-dependent deals (for instance, zero-day vulnerability information) still remain on reputation-gated dark-web forums.

Kaspersky researchers found two clear trends related to illegal activities on Telegram. The average lifespan of shadow channels has increased, with the proportion of channels surviving over nine months more than tripling in 2023-2024 compared to 2021–2022. At the same time, Telegram’s blocking activity has risen significantly.

Monthly takedown figures recorded since October 2024 – even at their lowest – are comparable to the peak levels seen throughout 2023, and the overall pace continued to accelerate in 2025. This impedes malicious activities.

Other disadvantages of Telegram for cybercriminals include the lack of default end-to-end (E2E) encryption for chats, the inability to use their own servers for communication (due to the messenger’s centralised infrastructure), and closed server-side code, which makes it impossible to verify its functionality.

As a result, several established underground communities, including the nearly 9,000-member BFRepo group and the Angel Drainer malware-as-a-service operation, have already begun shifting primary activity to other platforms or proprietary messengers, citing repeated disruptions of their activities on Telegram.

“Fraudsters find Telegram a convenient tool for many malicious activities, but the risk-reward balance is clearly shifting. Channels are managing to stay online longer than a couple of years ago, yet the dramatically higher volume of blocks means operators can no longer count on long-term stability.

“When a storefront or service disappears overnight – and sometimes reappears only to be removed again weeks later – building a reliable business becomes much harder. We’re starting to see the early stages of migration as a direct consequence,” comments Vladislav Belousov, Digital Footprint Analyst at Kaspersky.


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