The Nigerian Communication Commission (NCC) and the Central Bank of Nigeria (CBN) have signed a Memorandum of Understanding (MoU) to enhance the nation’s payment system, particularly by deepening banking services nationwide.

The Executive Vice Chairman of NCC, Prof. Umar Danbatta, said that the signing of the MoU was a major step in the realization of the commission’s mandate on digital transformation process in the nation’s economy.

He explained that the pact which focused on mobile money services and financial inclusion followed the work done by a committee set up by the two organizations, adding that the process targets governance and transformation of key services sector of the economy.

The NCC boss stressed that the signing of the MOU was also a positive statement that the two organisations were making about their content to ensure digital transformation process in the country.

Executive Vice Chairman of NCC, Prof. Umar Danbatta
Executive Vice Chairman of NCC, Prof. Umar Danbatta

Dambatta said: “NCC is committed to this transformation process which we are daily thinking of what to do to ensure we reach the desired destination by making sure our people participate in the digital economy. In a way and manner that they will be empowered to leverage on information and Communication Technology (ICT) to conduct their daily businesses.’’

Commenting on the initiative, the CBN Governor, Godwin Emiefele, explained that the intention of the MoU was to see how the two entities could work together toward driving the payment system in the country.

According to him, the initiative would also help to facilitate financial inclusion and drive a more robust payment system in the country.

Godwin Emefiele
Chairman of the Committee CBN Governor, Godwin Emefiele

The banker said: “I am very delighted because with this signing, we are now very sure and certain that we will very easily improve the level of financial inclusion from the level it is today which is about 48 per cent.

“And we will set a target for ourselves that by 2020, which is in three years or below that the level of financial inclusion should increase to 80 per cent. I can assure that this signing provides framework for licensing of payment service provider”, he added.

According to him, the pact is also a framework that would guide the working of those who are stakeholders both in the banking industry as well as the telecommunication industry..

“We look forward to many more years of close collaboration between the CBN and banking system on one hand and the NCC, telecommunication industry on another hand”, Emefiele said.