Telecom
Chief Commercial Officer of Itex, Adekunle Adebiyi Highlights Role of Fintech in Financial Inclusion
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.
MTN Nigeria, in collaboration with ONErpm and Ultima Studios, has announced Ayodeji Benson, popularly known as Ayo Benzi, as the winner of the maiden edition of the Next Afrobeats Star reality show.
L-R: Onyinye Ikenna-Emeka, Chief Marketing Officer, MTN Nigeria; Ayodeji Benson, Winner, Next Afrobeats Star Reality Show (Season 1) and Emamoke Ogoro, General Manager, Brand and Communication, MTN Nigeria, at the grand finale of the Next Afrobeats Star Reality Show (Season 1), held at the Ultima Studios, Lekki, Lagos on Saturday, December 13, 2025.
The grand finale, held on Sunday night at Ultima Studios in Lekki, Lagos, marked the climax of a nationwide talent search that began in September with over 15,000 aspiring musicians.
After weeks of auditions, mentorship, and rigorous training, five finalists – Ayo Benzi, Dave Cash, Kaeko, Somto O’Laker, and Lucky Yay – battled for the top prize in a high-energy showcase of performance and artistry.
At the end of the electrifying contest, Ayo Benzi emerged victorious, securing a ₦150 million music deal. Dave Cash was named first runner-up with ₦100 million, while Kaeko, Somto O’Laker, and Lucky Yay received ₦75 million, ₦50 million, and ₦25 million respectively.
Throughout the season, contestants were mentored by leading Afrobeats producers Sarz, Puffy Tee, P Prime, and Andre Vibez. Benzi, who was part of Puffy Tee’s team, credited the mentorship programme for sharpening his craft and stage presence.
Speaking at the event, Onyinye Ikenna-Emeka, Chief Marketing Officer of MTN Nigeria, said the initiative reflects the company’s commitment to youth empowerment and cultural expression.
“The Next Afrobeats Star platform is about creating real opportunities for young Nigerians and giving their talent the structure, visibility, and support it deserves.
“Afrobeats continues to place Nigeria on the global cultural map, and MTN is proud to be enabling the next generation of artists who will take this sound even further,” she said.
She added that the finale was not just a competition but a celebration of growth and readiness for the global stage.
In his acceptance speech, Ayo Benzi described the victory as a defining moment in his career.
“A big thank you to MTN. From the audition days, the treatment MTN has given us has been amazing. God bless the brand,” he said.
The finale also featured guest performances by Afrobeats stars Iyanya and Bella Shmurda, adding glamour to the night and reinforcing the show’s connection to the wider music ecosystem.
With the successful conclusion of the season, MTN Nigeria and its partners reaffirmed their role in championing youth ambition, supporting creative industries, and shaping the future of Nigerian music through platforms that turn potential into opportunity.
T2, formerly known as 9mobile, is under investigation by the Nigerian Communications Commission (NCC) in Benue State for an undisclosed incident disrupting USSD, SMS, voice, and data services across nine local government areas.
T2
The affected areas include Ado, Agatu, Gwer East, Gwer West, Konshisha, Obi, Ohimini, Okpokwu, and Otukpo, as detailed in an advisory on the NCC Major Outages Portal, which tracks significant disruptions reported by Mobile Network Operators (MNOs) and Internet Service Providers (ISPs).
Neither T2 nor its public relations firm, Chain Reactions, has responded to inquiries on the outage’s cause or restoration efforts as of this report.
The NCC’s continued reference to the operator as 9mobile, months after its public rebranding to T2 in August 2025, has sparked questions about whether the name change was formally notified to the regulator.
This probe aligns with NCC mandates requiring operators to disclose major outages, their impacts, and timelines for fixes, with compensation obligatory for disruptions exceeding 24 hours under the Consumer Code of Practice Regulations.
Industry watchers note that such incidents, often linked to fibre cuts, power failures, or infrastructure faults, underscore ongoing challenges in Nigeria’s telecoms sector, particularly amid T2’s subscriber losses post-rebrand. NCC vows transparency via its portal to hold operators accountable and protect consumers.
Telecom
NCC Unveils Draft 5-Year Spectrum Roadmap, 60 GHz License-Exempt Guidelines to Boost Broadband, Innovation
Nigerian Communications Commission (NCC) has unveiled two pivotal regulatory draft documents aimed at reshaping Nigeria’s communications sector over the next five years and fast-tracking deployment of ultra-high-speed wireless technologies.
NCC
In a public notice dated December 19, 2025, and issued pursuant to its mandate under the Nigerian Communications Act (NCA) 2003, the Commission published the Draft 5-Year Spectrum Roadmap for the Communications Sector (2025–2030) and Draft Guidelines for the Use of the 60 GHz License-Exempt Band for Multi-Gigabit Wireless Systems.
Both documents are accessible on the NCC website for stakeholder review, with the roadmap outlining strategic spectrum planning, allocation, and management to optimise utilisation, support emerging technologies like 5G and IoT, expand broadband access, and align with global best practices.
The Spectrum Roadmap emphasises four core pillars: bridging the digital divide through low-band spectrum and satellite services, attracting investments via flexible licensing models, enhancing service quality with mid-band optimisation, and fostering innovation in areas such as direct-to-device connectivity and secondary spectrum trading.
It sets ambitious targets including universal 4G coverage nationwide, 50 per cent 5G penetration in state capitals, and average broadband speeds of 100 Mbps by 2030, while addressing rising data demand through band refarming and efficient management.
Complementing this, the 60 GHz Guidelines establish a license-exempt framework for the 57–66 GHz band, enabling multi-gigabit speeds up to 10 Gbps for short-range applications like WiGig, fixed wireless access, enterprise connectivity, urban broadband, and backhaul solutions.
The rules mandate NCC type approval for equipment, site registration for outdoor use, and interference mitigation measures, while prohibiting wide-area networks to safeguard primary users.
In line with Section 58 of the NCA 2003, NCC invites comments from industry operators, equipment manufacturers, consumer groups, and the public, with submissions due by Friday, January 16, 2025, via email to [email protected], [email protected], and [email protected].
The notice, signed by Mrs Nnenna Ukoha, Head of Public Affairs, stresses that stakeholder inputs will refine the frameworks to drive innovation, investment, competition, and sustainable growth in Nigeria’s telecoms ecosystem.
Nigeria Police suspends tinted glass permit enforcement over court injunction
FIRS Rebrands as Nigeria Revenue Service, as New Tax Laws Take Effect
Galaxy Backbone Celebrates the Federal Government’s Paperless Civil Service Milestone
Banks to Impose N50 Stamp Duty on Transfers of N10,000 and Above from January 1
How to Use the Correlation of Gold with Other Trading Assets in the Forex Market
Nigeria Records Highest Weekly Cyberattacks in Africa — Report
Banks quietly move to enforce new ₦50 transfer levy from Jan. 1
Financial Sector Faced AI, Blockchain and Organised Crime Threats in 2025 – Report
Report Reveals Half of 2025’s Compromised Passwords were Already Leaked
Minister Claims Bandits Exploit Poor Network, Bounce Calls Off Multiple Towers
Telecom2 days agoT2 Faces NCC Probe in Benue Over Major Service Outage in 9 LGAs
Telecom2 days agoMTN Nigeria Crowns Ayo Benzi Winner of Next Afrobeats Star
E-Business2 days agoJumia CEO says Black Friday Signals Nigeria’s E-Commerce Maturity
E-Financial2 days agoGTCO Secures Regulatory Approvals to Raise N10bn in Private Placement
General News2 days agoNDIC Reinforces Full Oversight Compliance to Safeguard Depositors
Telecom2 days agoNCC Grants 45 Days for Telecoms Firms to Fix Unapproved Shareholding Changes
Telecom2 days agoNCC Unveils Draft 5-Year Spectrum Roadmap, 60 GHz License-Exempt Guidelines to Boost Broadband, Innovation
E-Financial1 day agoBanks to Impose N50 Stamp Duty on Transfers of N10,000 and Above from January 1