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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.

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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.

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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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MTN Nigeria Clocks 25, Connects over 90m People

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MTN Nigeria has marked 25 years of commercial operations, with Karl Toriola, chief executive officer, saying the company began operating in the country at a time when telecommunications access was severely limited.

MTN Nigeria Clocks 25, Connects over 90m People

Toriola said that a quarter of a century ago, making a phone call was a privilege few Nigerians could afford.

People queued at public telephone booths and centres, travelled long distances to deliver messages, and sometimes waited weeks for letters to arrive, he said, noting that a mobile phone was then beyond the reach of most.

Today, the company connects more than 90 million people across Nigeria, a figure MTN says reflects its role in building the infrastructure behind the country’s shift to a data-driven economy.

MTN entered Nigeria in 2001 following the GSM liberalisation carried out by the Nigerian Communications Commission (NCC), at a time when mobile telephony was still a luxury reserved for a privileged few.

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Toriola said the milestone was about more than subscriber numbers.

Businesses have been built, families have stayed connected across distances, students have gained access to knowledge, and creators have found audiences beyond Nigeria’s borders, he said, crediting the wider telecommunications ecosystem for enabling entire new industries to emerge.

The company also pointed to its role beyond direct connectivity.

MTN has helped build a wider value chain of SIM registration agents, tower contractors, retail distributors, fintech partners and digital developers that now supports millions of livelihoods in Nigeria.

Toriola thanked MTN Nigeria’s customers, saying their trust had allowed the company to expand its community investments through the MTN Foundation, which has supported health, education, youth development and economic empowerment programmes.

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Looking ahead, the CEO acknowledged that significant connectivity gaps remain, with millions of Nigerians still needing access to reliable, affordable and inclusive digital services.

He said greater digital inclusion would be a central priority for the company’s next chapter, adding that the anniversary marks both a celebration of the past 25 years and a renewed push to expand digital access for the country’s young and growing population.

“We’ve come a long way. And we are only getting started,” Toriola said.

The anniversary comes as MTN Nigeria continues to navigate rising operating costs tied to Nigeria’s unreliable power supply.

Where the national grid is unreliable, the company and its infrastructure partners have had to rely on diesel generators, batteries, solar systems and other backup power solutions, making network operating costs highly sensitive to fluctuations in diesel prices.

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Subscribers to Seek Legal Redress if Poor Quality of Service Continue in September

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Telecommunications subscribers under the umbrella of the National Association of Telecoms Subscribers (NATCOMS), has handed telecommunications operators in the country September deadline to improve network quality or face legal action.

Subscribers to Seek Legal Redress if Poor Quality of Service Continue in September

Deolu Ogunbanjo, president, NATCOMS, said that subscribers have endured deteriorating network services despite repeated interventions, warnings, and sanctions by the Nigerian Communications Commission (NCC).

As reported by BusinessDay, Ogunbanjo, noted that if the situation fails to improve through regulatory intervention, NATCOMS will seek justice through the courts by the end of the third quarter.

The ultimatum comes as rising data consumption, subscriber migration, and growing demand for mobile services place severe pressure on network infrastructure across parts of the country.

The NCC stated that mobile operators have offered compensation to more than 75 million subscribers for poor network quality following a regulatory directive requiring restitution in locations where performance fell below required standards.

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The regulator is conducting an independent review to determine whether all eligible subscribers received proper compensation.

The compensation scheme, provided through automatic airtime credits for verified service failures dating back to November 2025, requires no individual claims from consumers.

For many subscribers, however, airtime credits do little to offset the broader  economic and personal toll of unreliable connectivity.

Emeka Douglas, a subscriber, recounted how poor network quality nearly turned a medical emergency into a tragedy when he was unable to transfer funds to a hospital during his wife’s surgery.

Douglas noted that his brother in the United States eventually sent funds directly to the hospital’s account after local banking channels failed.

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Janet Okoye, a small business owner, said unreliable connectivity severely affected her business after service disruptions on her Airtel and Globacom lines led clients to cancel orders.

Teniola Adeyemi, a university student, highlighted dropped calls as a major concern, stressing that recent tariff increases ought to reflect in better service quality.

Grace Eze, an Abuja-based media professional, explained that fluctuating network connectivity once delayed a lead  news story intended for her editor in Lagos, resulting in an official query over late submission.

Pressure on national networks is driven by both expanding subscriber numbers and rising usage intensity.

Active telephony subscriptions in Nigeria rose from 182.2 million in January 2026 to over 187 million by April, according to NCC data. MTN leads the market with 96.4 million subscriptions, followed by Airtel with 64.7 million and Globacom with 23.2 million.

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ipNX Collaborates with ICT Stakeholders on the Future of Fibre-to-the-Home in Nigeria @ ATCON Forum

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L-r: Mr. Adeyemi Adepetu, Deputy Business Editor, Guardian Newspaper; Mr. Mohammed Lawal, General Manager, FTTH, MTN Nigeria; Mr. Adetola Akinmade, Chief Technology Officer, FiberOne; Mr. Egerton Idehen, Chief Broadband Officer, MTN Nigeria; Mr Tony Emoekpere, President, ATCON; Mr. Segun Okuneye, Deputy Director, Strategic Business Initiatives, ipNX; Mr. Biodun Omoniyi, MD/CEO, VDT Communications Limited; Prince Oyekanmi Elegushi, GM/CEO, Lagos State Infrastructure Maintenance and Regulatory Agency (LASIMRA) and Mr. John Nwachukwu, Chief Strategy & Executive Officer, Zora Communications Limited at the ATCON FTTH Forum which held at the Radisson Blu, Lagos
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ipNX Nigeria joined other stakeholders across the telecommunications ecosystem as they convened at the Association of Telecommunications Companies of Nigeria (ATCON) Critical Conversation Forum on Fibre-to-the-Home (FTTH) to deliberate on practical solutions to the challenges affecting broadband infrastructure deployment and the future of fibre connectivity in the country.

The forum, themed “Fibre to the Home in Nigeria: Addressing Challenges, Strengthening Standards and Ensuring Sustainable Deployment,” was held at the Radisson Blu Hotel, Lagos, and brought together representatives from government agencies, telecommunications operators, regulators, infrastructure providers, industry associations, and the media to foster dialogue around policies and collaborative actions needed to accelerate Nigeria’s broadband ambition.

Delivering the keynote address virtually, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, described Fibre-to-the-Home as a critical enabler of Nigeria’s digital future.

“FTTH is uniquely positioned to meet Nigerians’ next phase of data demand. The quality of our broadband will increasingly shape the competitiveness of our businesses, the growth of our digital industry and the opportunities available to our citizens,” he said.

Dr. Maida also stressed the importance of protecting telecommunications infrastructure, noting that damage to fibre networks carries significant economic consequences.

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“We must uphold deployment standards. Nigeria needs fibre that is properly installed, properly documented, and properly protected.”

Speaking during the opening session, ATCON President, Mr. Tony Emoekpere, underscored the strategic importance of FTTH in achieving Nigeria’s broadband penetration targets while calling for greater public awareness around protecting communications infrastructure.

“This forum is critical because Fibre-to-the-Home is the technology that will enable the country to achieve full broadband penetration. We all depend on communication infrastructure, and it must be protected.”

Drawing a comparison with power infrastructure in the country, he added:

“If somebody comes to your neighbourhood to tamper with your transformer or power cables, everybody will come out. The same thing needs to apply for communications infrastructure. When we see people damaging fibre cables, we should raise an alarm.”

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The forum also highlighted successful collaborative initiatives at the state level. Speaking on infrastructure management, Director-General of the Oyo State Infrastructure Management and Control Agency (OYSIMCA), Mr. Adebayo Akande, shared how the agency is addressing fibre theft, vandalism, and promoting shared infrastructure among operators.

He explained that encouraging operators to utilise common pole infrastructure along shared routes would reduce unnecessary duplication, minimise infrastructure damage, improve urban aesthetics, and optimise investment across the sector.

Similarly, Managing Director of the Edo State Information and Communication Technology Agency (ICTA), Mr. Eghosa Urhoghide, advocated stronger collaboration among operators, regulators, government institutions, road maintenance agencies, and host communities.

He emphasised that strict adherence to NCC deployment standards remains essential to ensuring the long-term sustainability and resilience of Nigeria’s telecommunications infrastructure.

Representing ipNX on the panel discussion titled “Policy, Governance and Regulatory Alignment,” Mr. Segun Okuneye, Deputy Director, Strategic Business Initiatives, highlighted the need for stronger collaboration across the telecommunications ecosystem to unlock the full potential of fibre broadband in Nigeria.

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According to him, sustainable fibre deployment extends beyond technology and investment to include policy consistency, stakeholder alignment, infrastructure protection, and shared responsibility.

“Achieving universal fibre connectivity requires more than deploying infrastructure, it requires sustained collaboration between operators, regulators, government agencies and host communities.

“When policies are aligned, deployment standards are consistently enforced, and critical infrastructure is protected, we create an environment where investment thrives and more Nigerians can enjoy reliable, high-speed broadband.

“At ipNX, we remain committed to working with all stakeholders to build resilient digital infrastructure that will support Nigeria’s economic growth for generations to come.”

Throughout the discussions, participants agreed that while Nigeria has made considerable progress in broadband expansion, addressing recurring issues such as fibre vandalism, right-of-way challenges, inconsistent deployment practices, infrastructure duplication, and limited public awareness will require stronger partnerships and coordinated industry action.

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The forum concluded with a shared commitment among stakeholders to strengthen industry standards, encourage infrastructure sharing, improve policy implementation, and promote greater public appreciation of telecommunications infrastructure as critical national assets deserving of protection.

For ipNX, participation in the ATCON Critical Conversation Forum reinforces our company’s ongoing commitment to supporting industry-wide initiatives that advance broadband penetration, strengthen digital infrastructure, and accelerate Nigeria’s journey towards a more connected and digitally inclusive future.

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