In a bid to reduce cash transactions and enhance cashless operations in the country as well help facilitate financial inclusion and mobile money service, the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), on Tuesday in Abuja, signed a Memorandum of Understanding (MoU) on a new payment system.
Speaking at the event, the Executive Vice Chairman of NCC, Prof Umar Danbatta, said the signing of the agreement between NCC and CBN was a landmark in the digital transformation process that the commission is mandated courtesy of the act establishing it.
He said the digital transformation process targets governance and transformation of key services sector of the economy which comprises the financial sector.
The EVC said the MoU between the two organisations will ensure digital transformation process in the country and boost all other sectors of the economy.
“And how the organisations can bring this experience to bear in other sector of Nigeria economy like education, transportation and other key service sectors including the delivery of good governance to the citizens of the country.
“The 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 said.
Speaking earlier, the Governor of Central Bank of Nigeria, Mr. Godwin Emiefele said the MoU was put in place with the intention to see how NCC and CBN can work together towards driving the payment system in Nigeria.
He said that the signing of the MoU will also help to facilitate financial inclusion and also drive a more 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 percent.
“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 will provides framework for licensing of payment service provider”, he said.
Emiefele said the MoU was also a framework that will guide the working of those who are stakeholders both in the banking industry as well as the telecommunication industry not just mobile payment but the payment system in Nigeria.
The MoU followed useful work done by a committee made up of the two organizations.