CBN targets cashless policy with new NCC agreement

The Nigerian Communication Commission (NCC) and the Central Bank of Nigeria (CBN) on Tuesday signed a memorandum of understanding (MoU) on mobile money payment system.

Speaking at the ceremony in Abuja, Umar Danbatta, NCC’s executive vice chairman, said the signing of the MoU is a landmark in the digital transformation process that the commission is mandated to do by the act establishing it.

He said the digital transformation process is to ensure the transformation of key service sectors of the economy, which the financial sector is one.

According to him, the MoU is a proof that the CBN and NCC are working towards the digital transformation of the country.

“And how the organisations can bring this experience to bear in other sectors of Nigeria’s economy like education, transportation and other key service sectors including the delivery of good governance to the citizens of the country,” he said.

“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.”

Godwin Emiefele, CBN governor, said the MoU is aimed at reducing cash transactions and enhancing cashless operations in the country.

He said the signing of the MoU would also help to facilitate financial inclusion and drive a more robust payment system in the country.

“I am 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,” he said.

“And 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 percent.

“I can assure that this signing provides a framework for licensing of payment service providers.”

Emefiele said the MoU is a framework that would guide the working of those who are stakeholders in the banking and telecommunication industry.