In a resolute display of dedication, the Development Bank of Nigeria (DBN) reaffirmed its commitment to fortifying Nigeria’s payment infrastructure, underlining its pivotal role in the country’s growth and development. The DBN’s unwavering support for Micro, Small, and Medium Enterprises (MSMEs) across the nation took center stage at the 2023 annual conference of the Finance Correspondent Association of Nigeria (FICAN) in Lagos. Themed ‘Strengthening Digital Infrastructure for an Efficient and Innovative Payment System in Nigeria,’ the event brought together key players in the financial sector to chart a path toward a more robust and inclusive digital payment ecosystem.
Idris Salihu, Head of Corporate Services at DBN, outlined the bank’s multifaceted approach, leveraging both digital and physical infrastructure through the DBN Learning Management System (LMS). This support extended across all regions, with a special focus on areas with a high concentration of commercial activities.
He added that management echoed the call for collaboration, expressing their readiness to work closely with key stakeholders in the banking sector to enhance effective and innovative payment solutions. They emphasized their commitment to digital innovation and environmental sustainability by introducing paperless.
While the guest speaker at the event, Mr. Olukayode Olubiyi, Head of Digital Banking at the United Bank for Africa, stressed the imperative of collaboration among diverse stakeholders, including financial institutions, fintech companies, government entities, and regulatory bodies. He highlighted that collective efforts were essential for the success of innovative payment solutions.
Furthermore, Prof. Umar Danbatta, Executive Vice Chairman of the Nigeria Communication Commission (NCC), underscored the importance of collaboration, investment, and adaptability in building a robust and inclusive digital payment ecosystem.
He called for closer cooperation between the NCC and financial regulators, such as the Central Bank of Nigeria (CBN), to harmonize policies and regulations related to digital payments and telecommunications. This collaborative approach aims to benefit citizens and stimulate economic growth in Nigeria, according to Prof. Danbatta.
