NCC eyes the Nigerian fintech industry

In its quest to achieve its projected industry target of $543.3 million for 2022, the Nigerian Communications Commission (NCC) is seeking support for the fintech achieve it.

NCC basing its quest on the invaluable contribution to Nigeria’s Gross Domestic Product (GDP) on account of the survey conducted by the Emerging Technologies Research Unit of the Research and Development Department of Commission.

In the document titled, “Emerging Role of Data and Fintech in the Development of Digital Economy” highlighting the Commission said that despite impressive statistics on the Fintech industry, it is plagued with challenges.

It said that there are about 210 to 250 Fintech operators/companies in Nigeria that brought about the valuation of the industry to $153.1 million in 2017 but Fintech start-ups still face a significant number of problems in Nigeria.

The report recommended that the regulator and the Central Bank of Nigeria (CBN) should collaborate and organise a forum for Fintechs and banks on strengthening their digital platforms and systems.

The study, which harps on the data mining industry in the country showed also that the industry is also plagued with its own share challenges such as lack of skilled personnel, data security and protection, as well as dearth of coordination, poor development of e-governance, uptake of e-services, duplication and control of national data by various agencies and private sector players.