CBN, NCC Sign MoU to Enhance Payment System

CBN, NCC Sign MoU to Enhance Payment System
Godwin Emefiele, CBN Governor

The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have signed amemorandum of understanding on ways to enhance the country’s payment system.

A statement from the NCC also disclosed that the CBN Governor, Mr. Godwin Emefiele lauded the Commission for its regulatory efforts in protecting the consumers and the service providers.

It stated that Emefiele made the commendation when the Executive Vice Chairman (EVC) of NCC led a delegation of the Commission’s top executives on a courtesy call where the MoU was signed.

It pointed out that both regulators emphasised the importance of telecoms to the growth of the Nigerian economy.

The statement noted that the MoU took serious cognisance of very crucial areas of collaboration between both regulatory bodies with respect to financial inclusion strategy, already being driven by the CBN.

It added that the strategy also provides responsibilities for both organisations towards the achievement of government’s aim of rapidly growing the payment system.

“I am very delighted because with this signing, we are now very sure and certain that we will improve the level of financial inclusion from the level it is today, which is about 48 per cent”, the statement quoted NCC’s boss, Professor Umar Danbatta as saying.

He added: “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 provide framework for licensing of payment service provider.”

He also spoke on the Commission’s review of the existing framework for the regulation of mobile payments in Nigeria, within the membership of a Committee comprising of the CBN, NCC, NDIC and the NIBSS.

According to the EVC the MoU between the two organisations would ensure digital transformation process in the country and boost all other sectors of the economy.

He added: “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 that 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.”

Furthermore, he stated that the Commission is looking forward to signing the revised strategy of the Anti-money Laundering (AML) aimed at preventing, detecting and control of money laundering and financial terrorism.

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