WorldStage Newsonline– The Nigeria Communications Commission (NCC), in its stride to actualize the 80% federal government financial inclusion target has paved a way for Mobile Network Operators in the country, to participate in fully mobile money services through the national financial inclusion strategy.
Financial inclusion has therefore become an explicit strategy for accelerated economic growth and is considered to be critical for achieving inclusive growth in a country. Policymakers have thus, viewed financial inclusion as a basic access for all citizens, highlighting its non-excludability.
Consequently, financial inclusion is defined as a process or situation which allows for ease of access to, or availability of and usage of formal financial systems by members of the economy. It describes a process where all members of the economy do not have difficulty in opening bank account; can afford to access credit; and can conveniently, easily and consistently use financial system products and facilities without difficulty.
Recently, the Executive Vice Chairman of the NCC, Prof. Umar Garba Danbatta, in an interactive session with media chiefs and news editors said the NCC has continued to collaborate with the Central Bank of Nigeria (CBN) and the banks in the area of National Financial Inclusion Strategy (NFIS).
“Today, Mobile network Operators (MNOs) participate fully in the provision of mobile money services to help actualize the 80% financial inclusion target of the Federal Government by the end of 2020.
The issuance of USSD Short Codes to banks and other financial institutions, has helped to boost financial inclusion and the entry of all four major mobile network operators MTN, Airtel, Globacom and Etisalat participating in financial services has captured lots of household demonstrating contribution to financial inclusion, making transactions possible, opening a bank account by USSD without using the banking hall.
Mobile Network Operators fully participation in mobile money service to achieve financial inclusion strategy goals, Chief Executive Officer, Ekool Limited, Chukwuemeka Nwaokolo, “It is okay and it can be more robust. It’s nice to see what the future holds and how this new financial plan been put together by the NCC and CBN to integrate the telecom companies properly into financial inclusion. For now good or not, for now it’s very good you don’t need a smart phone or airtime to utilize that services, and it a good one, I see a lot of potential in it.
“However, in Nigeria what we have is the infrastructure being used to power the system, it serves for USSD which is used to transfer money, buy recharge cards and all. So far we have not been able to fully exploit the possibilities for telecom companies to enable financial inclusion, if we were to compare we will be looking at Kenya Uganda that have M-PESA, and M-PESA is a system basically powered by telecom operators in those region carrying out end to end, like you actually have an infrastructure, like a system that enable people to go cashless and its powered by the telecoms operators”.
