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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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Elon Musk’s $17Bn Satellite Deal may Start Killing Cellular Towers

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The traditional ground-based cellular towers may start dying by instalment in the next two years, due largely to Elon Musk’s SpaceX of acquisition of mobile frequencies of EchoStar, a US based firm for $17 billion.

Elon Musk's $17Bn Satellite Deal may Start Killing Cellular Towers

Subject to affordability and availability, the move could be disruptive as it is intended to accelerate the development of “direct-to-cell” technology, which enables mobile phones to connect directly to satellites without relying on ground-based cellular towers.

Cell Phone Towers (also called Base Stations), have electronic equipment and antennas that send and receive signals to and from cell phones.

Antennas may be attached to free-standing towers or structures or may be mounted on non-tower structures such as building rooftops, billboards or church steeples.

But the Direct-to-Cell technology, primarily driven by Starlink, allows smartphones and IoT devices to communicate directly with low Earth orbit (LEO) satellites.

This innovative approach eliminates the need for traditional cell towers, enabling connectivity in areas where cellular service is limited or non-existent.

The technology is designed to work with existing LTE and 5G smartphones, requiring no additional hardware or applications.

According to Gwynne Shotwell, president and COO of SpaceX, “In this next chapter […] SpaceX will develop next generation Starlink Direct to Cell satellites, which will have a step change in performance and enable us to enhance coverage for customers wherever they are in the world.”

Shotwell,  added that the first Starlink satellites with direct-to-cell capabilities have already connected millions of people in critical moments—during natural disasters, to reach emergency services or loved ones, or when they were off-grid.

 

 


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NASENI and NiDCOM Unite to Harness Diaspora Talent for Tech Breakthroughs

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L-R: Special Assistant to the EVC on Foreign Relations, Dr. Mohammed Dahiru; Chairman/CEO, NiDCOM, Hon. Abike Dabiri-Erewa; Executive Vice Chairman/CEO, NASENI, Khalil Suleiman Halilu and another official of NIDCOM during the visit yesterday.
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National Agency for Science and Engineering Infrastructure (NASENI) and the Nigerians in Diaspora Commission (NiDCOM) are working closely to explore new ways of building innovations and technology, using the expertise and skills of Nigerians living in the diaspora, as well as those at home.

L-R: Special Assistant to the EVC on Foreign Relations, Dr. Mohammed Dahiru; Chairman/CEO, NiDCOM, Hon. Abike Dabiri-Erewa; Executive Vice Chairman/CEO, NASENI, Khalil Suleiman Halilu and another official of NIDCOM during the visit yesterday.

The Executive Vice Chairman/CEO, NASENI, Khalil Suleiman Halilu and the Chairman/CEO, NiDCOM, Hon. Abike Dabiri-Erewa, during a strategic meeting at NIDCOM headquarters described this collaboration as a “timely intervention”, noting that it will help connect Nigeria’s local innovators with scientists, engineers, technologists, and entrepreneurs in the Diaspora.

Mr. Halilu, highlighted NASENI’s key projects, including Revolut, a payment platform already serving thousands of Nigerians with low-cost, real-time transfers; the Innovation Hub and Incubation Programme, which funds Nigerian scientists and innovators, both in home and diaspora; and Delta-2, a partnership with the Czech Republic entering its third phase this September to bring new technology and international collaboration to Nigeria.

Halilu said his visit to NiDCOM was to present two key projects: a government-backed payment platform, similar to Revolut, designed to be seamless, flexible, multi-currency, and to provide real-time monitoring at affordable rates, while the second project aims to engage Nigerians in the Diaspora, particularly in science, technology, innovation, and entrepreneurship, to develop practical projects that can grow the economy.

While commending Dabiri-Erewa, the NASENI CEO added that NiDCOM’s database of professionals would play an essential role towards this course.

She asserted that the partnership will foster opportunities for Nigerians everywhere to work together for Nigeria’s progress; through sharing ideas, skills, and experiences that can help build a stronger, more innovative Nigeria, especially under the Renewed Hope Agenda of President Bola Ahmed Tinubu.

Dabiri-Erewa lauded the works done by the Agency. She assured that the Commission will give them the relevant support needed, while suggesting the NASENI team to participate at the 8th Nigeria Diaspora Investment it (NDIS), to be held from November 11-13, 2025 in Abuja.

Both NiDCOM and NASENI also agreed to set up a joint working committee to streamline areas of collaboration and design projects focused on science, technology, engineering, and mathematics (STEM), alongside wider Diaspora engagement.


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Telecom Sector Attracts over $1Bn Investments – NCC Boss

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Nigerian Communication Commission (NCC), has reported that reverting to market-driven pricing in the industry has attracted about $1 billion new telecoms infrastructure investments in Nigeria in 2025.

Telecom Sector Attracts over $1Bn Investments – NCC Boss

Dr Aminu Maida, executive vice chairman of the commission, stated this in an interactive session with journalists recently.

Dr Maida noted that the decision has restored investors’ confidence and reversed years of under investment that witnessed the slow network expansion and service quality improvement.

He said that as at June 2025, operators were already receiving new equipment ordered and that upgrades and new site construction underway, noting that the fresh investments will boost capacity, improve service quality and strengthen Nigeria’s competitiveness in the global telecom space.

According to Maida, the move has made one operator, who has not invested a single Kobo on network upgrade over the last three years, to start doing something in that direction.

He explained that when the NCC issued licences for the provision of services on the fifth generation (5G) technology, MTN Nigeria, Airtel Nigeria and Mafab Communications, all underestimated the huge challenges in the industry when they promised nationwide rollout of the services.

The NCC boss also said that the Mobile Network Operators (MNOs) that got the licences “over-promised” to deliver services to their consumers, without minding challenges in the industry.

He said that the 50 per cent tariff hike for end users of telecom services approved by the NCC to MNOs earlier in the year has started changing the dynamics by stopping the drought in both local and foreign direct investments (FID).

While highlighting why the increase in tariff has failed to translate to improved service quality, Maida explained that such equipment are not what can easily be purchased on the shelf and that some of the equipment are yet to be built by the original equipment manufacturers.

According to him, bringing the equipment into the country will require a process and that the “MNOs would need to book, pay, ship, pay for clearing at the ports, transport to sites, install and commission before customers would start feeling the impact.”

Maida, however, admitted that installing the equipment nationwide will take some time and the installation process, which has already commenced in the North Central zone and Abuja, will soon be extended to other areas gradually.

He disclosed that since the rollout of the technology in Nigeria less than 2000 5G sites have been built across the country, a situation he blamed on a combination of factors, including foreign exchange (forex) issue and difficulty securing land for new cell sites.

On infrastructure protection, he said the NCC was working with the Office of the National Security Adviser (NSA) to design region-specific rapid response frameworks, blending community engagement with civil defence presence to tackle threats such as generator theft, poor security, and local disputes.

Addressing the issue of low local content in the Telecoms industry, Maida stated that only three countries are responsible for the supply of low level software and hardware used and these are China that has Huawei and ZTE; Finland with Nokia and Sweden with Ericsson.

 


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