The Nigerian Communications Commission (NCC) has stressed the importance of collaboration among stakeholders in the information communication technology space to ensure the development, survival and sustainability of financial technology (Fintech) in the country.
Its Executive Vice Chairman, Prof Garba Danbatta, in keynote at FinTech Week, 2022 with “Navigating the Next Normal-Sustainable Impacts in FinTech, e-Government and Emerging Technologies” as theme in Lagos, said using FinTech, government has developed portals for the provision of government services such as telephone e-billing payment, electricity e-billing payment, birth certificate issuing among others.
Danbatta who was represented by the Director, Digital Economy at NCC, Mr. Austin Nwaulune, said the backbone of the FinTech and any emerging technology is hyper connectivity which means growing interconnectedness of people, organizations, and machines that results from the internet, mobile technology and the Internet of Things (IoT).
He said: “It is crucial for motivating enterprises to invest in ICT Infrastructure and services and for fostering a creative business climate. It is therefore imperative to note that NCC, being the regulator of the communications sector, is responsible for ensuring that regulation is innovative, technology neutral, competitively neutral, protects the consumers and meets the needs of the robust operating environment that the digital economy has created.
“The digital economy is taking shape and changing conventional notions about how businesses are designed; how firms network; and how consumers obtain services, information, and goods. It is in recognition of the impacts of the digital economy that Nigeria developed its guiding Policy and Strategy document known as the National Digital Economy Policy and Strategy (NDEPS) and the NCC has positioned itself to ensure full implementation of its responsibilities as communicated in the NDEPS.
“Collaborations between the NCC and other stakeholders are very vital. NCC has continuously shown a willingness to work with regulators and other stakeholders to promote the development of FinTech sector. We remain open to collaborative engagements in light of the launching of the 5G network and the services it will produce for the FinTech ecosystem.”
Dambatta explained that FinTech as one of the technologies used to facilitate various service obtaining processes has continuously aimed to achieve and promote financial inclusion and subsequently inclusive growth; improve speed, convenience and efficiency of financial services; provide affordable Financial Services for underserved small and medium enterprises (SMEs) and unbanked populations; reduce delays and costs in cross-border remittances; enhance efficiency and transparency of government operations, which leads to facilitation of social and humanitarian transfers, in addition to reduce corruption; and provide solutions for many challenges such as; endemic corruption, informal transfers and large e- remittance markets, unbanked people, undiversified economies, large income disparities, vulnerabilities to terrorism and large displaced populations.
Others, he said, are enabling non-financial corporations such as e-commerce firms (Amazon, Alibaba, Apple), mobile transfer companies (MTOs), mobile network operators (MNOs) and large retail networks to offer financial services, such as payment and online lending solutions; and enabling existing banks to develop new business models.
Dambatta said the fourth industrial revolution, which has already taken the world by storm, is commonly referred to as Industrial Internet of Things (IIoT) or Smart Manufacturing. Digital technology, he said, will drive massive activities in manufacturing and supply chain management, economic activities, finance, research and governance amongst many others.
Speaking to the fifth generation (5G) technology he said with the issuance of the final letters of awards of 5G spectrum by the NCC, the licensees are expected to commence roll out of 5G services effective August 24, 2022.
Under the current digital technology ecosystem, that entails the transmission of massive data across platforms (Trade/Commerce, Gaming, Research, Entertainments, Artificial Intelligence (AI), Robotics, Sports, Finance), in real-time and at giga-speeds, globally, all growing concerns are faced with the common challenge of the need (requirement) for effective connectivity, access to real-time insights across platforms, processes, partners, products, markets and people.
He said previous generations of mobile network technologies lacked the capacity to carry and transmit the massive data generated under the IIoT and that resulted into the birthing of 5G of mobile network technology. 5G is an enabler of digital economic development and growth; required to put the national economy at some comparative advantage on the world stage.
According to him, 5G will enhance intelligent connectivity that will be a catalyst for socio-economic growth in the Fourth Industrial Revolution; create social value by enabling sustainable cities and communities and promoting decent work and economic growth; bring about significant economic and social value gain through use of technological applications that will facilitate industrial advances.
“Beyond the technological benefits, 5G is expected to facilitate the localization of several emerging technologies, facilitate innovative use cases, spur significant socio-economic growth and private sector led creation of jobs,” he added.