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Robust FinTech critical for deepening financial inclusion in Nigeria – NCC boss, Maida

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Aminu Maida, the Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigeria Communications Commission (NCC), has emphasized the pivotal role of the Financial Technology (FinTech) industry in promoting financial inclusion for underserved and unserved Nigerian citizens.

Maida delivered this message during his keynote address at the 2023 annual Nigeria Information Technology Reporters Association (NITRA) FinTech Forum, which centered on the theme, “Harnessing Nigeria’s Fintech Potential: Challenges and Opportunities.” The event took place recently in Lagos.

Represented by Mr. Henry Ojiokpota, the Controller of NCC Lagos Zonal Office, Maida highlighted the growing significance of digital financial services in the nation and the transformative impact of FinTech on Nigeria’s financial landscape. He noted that FinTech is reshaping the conventional financial system by leveraging technology to enhance services such as mobile banking, lending, investments, and cryptocurrency, thereby promoting innovation, job creation, and investment opportunities that drive economic growth.

Maida pointed out that FinTech applications like robo-advisors, payment apps, peer-to-peer (P2P) lending apps, investment apps, and crypto apps create business opportunities for individuals. He stressed that the youth, constituting 70 percent of Nigeria’s population, can utilize these FinTech applications for socioeconomic advancement, thereby contributing to the nation’s economy.

Highlighting the substantial mobile network subscriptions in Nigeria, which reached 220.7 million in August 2023, Maida underlined the potential of the Nigerian FinTech ecosystem to offer diverse financial services to telecom subscribers. He assured that the NCC would continue to expand and enhance telecommunications infrastructure to facilitate robust FinTech services, address consumer concerns, and tackle regulatory challenges in the sector. This, he noted, would leverage the high mobile phone penetration in Nigeria to improve financial services in rural and underserved areas, fostering economic growth.

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Maida mentioned the NCC’s commitment to achieving a 70 percent broadband penetration target by 2025, as outlined in the Nigerian National Broadband Plan 2020-2025 and the digital economy growth blueprint. He highlighted the positive impact of these policies and strategies on advancing the FinTech industry and enhancing financial inclusion and the digital economy in Nigeria.

The NCC boss pledged ongoing support for the FinTech industry in unlocking its vast potential and addressing sector challenges. This support would encompass the provision of secure infrastructure for efficient delivery of digital financial services, maintenance of minimum Quality of Service (QOS) standards to ensure uninterrupted connectivity, and collaboration with relevant authorities to enforce regulations and policies that promote FinTech development. Additionally, he mentioned the NCC’s partnership with the Central Bank of Nigeria (CBN) to enhance payment systems and financial inclusion in alignment with the Nigeria Payments System Vision 2025.

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Gunmen Kill 6 Famers In Kaduna Village

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The Numana Community Development Organisation (NCDO) has expressed sorrow over the recent unprovoked attack and killing of innocent and unarmed farmers in Ambe village, Sanga local government area of Kaduna State, by gunmen.

During the tragic incident, six people were killed, and many others were injured and are currently receiving medical treatment in various hospitals.

In a statement to journalists in Abuja, NCDO President Comrade Ahmed Gani remarked, “It is alarming that kidnappings in our communities have surged recently, with reports of one or two persons being kidnapped every week.”

He further highlighted the worsening situation, stating that herdsmen have occupied ancestral lands, transforming these areas into hotspots for frequent kidnappings of innocent farmers. Some affected villages include Dangwa Ungwan Kafinta, Ninte, and Dangwa Ungwa Manzo.

Gani recounted a series of attacks in Sanga local government area: two people were killed at Lambari village on March 2, 2023; one person at Unguwar Madaki Arak on May 5, 2023; one at Gani Sarki on August 19, 2023; and five at Unguwar Ganye on February 8, 2024.

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“These persistent attacks on our peaceful communities have become intolerable, especially now with the onset of the rainy season,” he stated.

Farmers are now afraid to go to their farms due to the escalating attacks, which will likely have a negative impact on the local economy in the coming months, Gani warned.

While acknowledging the efforts of the Kaduna State Government under Governor Senator Uba Sani to address insecurity, Gani urged for increased protection, especially in Sanga and Jema’a local government areas.

He called on the Kaduna state government to deploy more security forces to rural communities to protect residents and restore their confidence so they can farm without fear of attack. Gani also urged the state government to support those injured in the recent Ambe village attack who are currently undergoing medical treatment.

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BREAKING: Helicopter Carrying Iranian President Raisi Crashes In Azerbaijan

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A helicopter in a convoy transporting Iranian President Ebrahim Raisi to the Qiz-Qalasi Dam in East Azerbaijan province reportedly crashed on Sunday.

Details of the crash and information about other passengers were unclear at the time of reporting, but rescuers were attempting to reach the crash site, according to state television.

The country’s finance minister, Amir Abdollahian, was also reportedly in the helicopter with the president. Reports indicated that two of the three helicopters in the convoy safely reached their destination.

Iran operates a variety of helicopters but faces challenges in obtaining parts due to international sanctions. Much of Iran’s military air fleet dates back to before the 1979 Islamic Revolution.

The 63-year-old Raisi is a hard-line former head of Iran’s judiciary and is considered a disciple of Supreme Leader Ayatollah Ali Khamenei. Some analysts believe he could succeed the 85-year-old Khamenei upon his death or resignation.

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We will not tolerate breach of contractual agreement – Gov Namadi warns contractors

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Jigawa State governor, Malam Umar Namadi has said his administration would not tolerate or accept any breach of contractual agreement.

The Governor stated this while inspecting some ongoing projects across the state.

The inspected projects were mostly rehabilitation and reconstruction of the roads and bridges damaged by flooding in the last two years.

Speaking to various contractors, Governor Namadi expressed satisfaction on the quality of the projects and urged them to speed up the work for a timely completion.

According to him, “we are ready to continue patronizing any company that demonstrates seriousness and sincerely in handling his work.

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“We will not delay your payment as soon as you complete the work and at the same time we will not tolerate or accept any breach of contractual agreement.”

He noted that the state government had taken measures towards reconstruction of facilities damaged by flood last year.

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