L-R: Business Editor Sylverbird Television David Ubabudike, Head of Operations, PalmPay Limited, Foluso Aduloju, Deputy Director, Technical Standards and Network Integrity Nigeria Communication Commission (NCC) Anthony Ikemefuna, National Chairman, Finance Correspondents Association of Nigeria (FICAN) Chima Titus Nwokoji, Divisional Head Enterprise Support, Nigeria Interbank Settlement System (NIBSS) Bola Enigbokan and Chief Finance Officer, Parthian Partners, Yinka Arewa at the 2023 annual conference of the Finance Correspondents Association of Nigeria (FICAN) held in Lagos
The Nigeria Communication Commission (NCC) has emphasized the crucial role of multidimensional collaboration in strengthening the country’s payment system.
Speaking at the 2023 annual conference of the Finance Correspondent Association of Nigeria (FICAN) in Lagos, NCC Vice Chairman Prof Umar Danbatta, represented by Deputy Director Engr Anthony Ikemefuna, highlighted the need for collaboration, investment, and adaptability to build a robust digital payment ecosystem that benefits citizens and drives economic growth.
Danbatta stressed the importance of improved collaboration between NCC and financial regulators like the CBN to coordinate policies and regulations related to digital payments and telecommunications, creating a conducive environment for innovation and growth.
He also urged partnerships between financial institutions, telecom operators, and fintech companies to develop innovative digital payment solutions, leveraging the private sector’s expertise and resources.The government’s role in promoting digital payments through clear vision and support, including e-government initiatives for public services, was emphasized by Danbatta.
He called on telecom operators to partner with banks and fintech companies to provide mobile banking and payment services to unbanked and under-banked populations.
Olukayode Olubiyi, Head of Digital Banking at United Bank for Africa, echoed the need for collaboration among stakeholders to overcome challenges, emphasizing policy, regulation, and collaboration as key factors. He highlighted the importance of stable infrastructure, IT resources, and internet connectivity in electronic payments and the urgent need for technology upgrades in the face of cash scarcity.
Olubiyi suggested uniformity in banking applications across the industry to reduce payment failures and emphasized the importance of robust technology, security measures, and integration with payment platforms and financial institutions to combat fraud.
Regarding cybersecurity, he called for strong collaboration between the government, private sector, and international partners, advocating for intelligence sharing and investment in cybersecurity infrastructure and research centers.
FICAN Chairman Chima Nwokoji recognized the challenges in Nigeria’s payment system during cash scarcity and encouraged proactive and inventive measures to capture the benefits of electronic payments.
He also cited the World Bank’s observation that Nigeria’s digital and financial infrastructure needs improvement to support a swift transition to a cashless economy, emphasizing the need for sophistication in digital infrastructure for seamless transactions and fund safety.
