NCC, CBN sign agreement on payment system

The Nigerian Communication Commission (NCC) and the Central Bank of Nigeria (CBN) has signed a Memorandum of Understanding (MoU) on payment system.

The Executive Vice Chairman of NCC, Prof. Umar Danbatta stated this at the signing of the MOU in Abuja, Nigeria.

Prof Danbatta said the MoU would improve mobile money service penetration and financial inclusion across the country.

He noted that the MOU is a milestone in the digital transformation process, targeting good governance which will in turn transform other key service sectors of the economy especially the financial sector.

The organisations can bring this experience to bear in other sector of Nigeria’s economy like education, transportation and other key service sectors including the delivery of good governance to the citizens of the country.

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, he explained.

Meanwhile the CBN Governor Mr. Godwin Emiefele said the MoU was aimed at reducing cash transaction as well as enhancing cashless operations in the country.

Mr Emiefele added that the signing of the MoU would also help to facilitate financial inclusion and enhance robust payment system in the country.

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.

We will also 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, Emiefele said.

He added:I can assure that this signing provides framework for licensing of payment for service providers.

According to Emiefele the framework would guide the working ethics of those who are stakeholders both in the banking industry as well as the telecommunication industry.

He however said that this was not only for mobile payment but also the payment system in the country.

Source: Voice of Nigeria