News

NCC advocates adequate education for financial inclusion

The Executive Vice Chairman, Nigerian Communications Commission (NCC),Prof. Umar Danbatta , has called for adequate education to attain the required financial inclusion in the country.

Danbatta made the call on Friday during the Vanguard Conference in Lagos where he was represented by the Deputy Director, Research and Development Department, NCC, Mr Okoh Aihe.

Financial inclusion refers to the opportunity by all Nigerians to have access to financial services.

 

[penci_blockquote style=”style-2″ align=”none” author=””]Dnabatta stated that the issue of low education and literacy was a big challenge across formal and financial sectors, stressing that this informs “the rationale for high rate of exclusion within the youth and women in certain regions’’.[/penci_blockquote]

Dnabatta stated that the issue of low education and literacy was a big challenge across formal and financial sectors, stressing that this informs “the rationale for high rate of exclusion within the youth and women in certain regions’’.

He urged Fintech (Financial Technology) institutions to bridge the gap between gender, formality, age, urban and rural discrepancies.

“There is no gain saying that Fintech can improve access to finance for all types of consumers whether they are first time bank account owners or learning to save or transact digital business.

“However, there is need to address the challenge of financial literacy from the perspective of provision of new products and services that are designed for different cadres of literacy.

 

[penci_related_posts taxonomies=”undefined” title=”Online Related Posts” background=”” border=”” thumbright=”no” number=”4″ style=”grid” align=”none” displayby=”recent_posts” orderby=”random”]

“Failure to tackle these challenges will continue to fuel resistance to the use of Fintech services by the existing excluded persons,’’ Danbatta said.

The NCC boss noted that addressing contending issues arising from blockchain technologies (a technology that enables transaction without any trusted party) still grappled with technical hurdles and policy challenges.

“The blockchain operates independently of Central Bank and other financial institutions.

“However, the technology has challenges in the enforcement of laws in the absence of any intermediary and to whom to impute the legal liability for breaches caused by blockchain-based system,’’ he said.

Danbatta said that another challenge facing the Fintech, impeding the required financial inclusion in Nigeria also include Artificial Intelligence (AI) and big data analysis which is a driving force behind most Fintech disruption.

“Artificial Intelligence playfield is fraught with obstacles that keep the best of AI away from most small businesses, who are clueless about the technology to legacy systems that won’t support technology,’’ he said.

Danbatta recommended that open market trade and investment regimes would create new avenues for rapidly upgrading technologies, skills and increase specialisation.

“There is need for immediate consideration of unbundling and restructuring of provision of financial services by relevant authorities.

“Well-functioning labour market can support the inevitable structural change.

“More broadly, sound macroeconomic policies help reduce uncertainty and create an enabling environment for the digital economy to grow,’’ he said. 

Comment With Facebook

Comments (167)

  1. Greetings. Let me start by telling you the author’s name – Thad. My family lives in California therefore love routine living appropriate here. The favorite hobby for him and his kids can be always to jog but he’s thinking on starting something interesting. Supervising has been her day job for a short time and it is something she really enjoy. He’s been working on his website for the effort now. Find out about it here: #link#

  2. An impressive share, I just given this onto a colleague who was doing a little analysis on this. And he in fact bought me breakfast because I found it for him.. smile. So let me reword that: Thnx for the treat! But yeah Thnkx for spending the time to discuss this, I feel strongly about it and love reading more on this topic. If possible, as you become expertise, would you mind updating your blog with more details? It is highly helpful for me. Big thumb up for this blog post!

  3. Miss Friel is what’s written on the birth certificate and she totally digs that name or company name. His wife doesn’t like it the way he does but what he really likes doing is researching fashion but he can’t allow his profession. Supervising has been my profession for a little while but I plan on changing which. My husband and I chose to live in California. If you want to find out more the look at his website: #link#

  4. Greetings. Let me start by telling the author’s name – Thad. My family lives in California and love every living with this. The favorite hobby for him spectacular kids to be able to jog but he’s thinking on starting something better. Supervising has been her employment for your time and it’s something she absolutely love. He’s been working on his website for a little while now. Do it here: #link#

  5. I have been examinating out some of your posts and i must say pretty clever stuff. I will definitely bookmark your blog.

  6. The author is known by the url of Violeta but she never really liked that headline. My friends say it isn’t good for me but what i love doing is to jog and I’ll be starting another thing along to it. For years he’s been currently in Vermont. I am currently a cashier and it’s something I absolutely love. You can find my website here: #link#

  7. Greetings. I want to start by telling you the author’s name – Thad. My family lives in California and that i love each morning living there. Supervising has been her employment for a bit of time and it is something she enjoy. The favorite hobby for him brilliant kids to be able to jog but he’s thinking on starting something fresh, new. He’s been working on his website for quantities of now. Test it out here: #link#

  8. Rhett is what’s written on my birth certificate but I never really liked that name. To model trains is the thing I love most of all. Administering databases is where his primary income proceeds from and his salary been recently really fulfilling. Her house will finally be in Idaho and she loves each single day living now there are. If you want to find uot more check out his website: #link#

  9. May I simply just say what a relief to find somebody that truly understands what they are talking about on the web. You certainly understand how to bring an issue to light and make it important. More people really need to look at this and understand this side of the story. I was surprised that you are not more popular since you surely possess the gift.|

  10. Excellent beat ! I wish to apprentice while you amend your website, how can i subscribe for a blog site? The account aided me a acceptable deal. I had been tiny bit acquainted of this your broadcast offered bright clear idea|

  11. This is very interesting, You’re a very skilled blogger. I have joined your rss feed and look forward to seeking more of your excellent post. Also, I have shared your site in my social networks!|

  12. I must show appreciation to you just for bailing me out of such a trouble. Just after scouting throughout the internet and obtaining basics which were not productive, I figured my life was over. Being alive minus the approaches to the issues you have solved all through your entire article is a serious case, as well as the ones that might have badly affected my career if I hadn’t come across your web blog. Your own personal know-how and kindness in handling all the details was invaluable. I am not sure what I would have done if I hadn’t come upon such a subject like this. I am able to now look forward to my future. Thanks for your time so much for the reliable and results-oriented guide. I will not hesitate to recommend the sites to anyone who ought to have guidelines about this topic.

  13. Hi generally. My name is Magali though I do not really like being called like why. As a woman what she really likes is solving puzzles an excellent she is attempting to earn with it. His day job is a procurement cop. For a while he’s held it’s place in Puerto Rico and his parents live nearby. She is running and maintaining a blog here: #link#

  14. Perfect work you have done, this web site is really cool with wonderful information.

  15. After looking at a few of the blog posts on your website, I honestly like your technique of writing a blog. I added it to my bookmark website list and will be checking back soon. Please check out my web site as well and let me know how you feel.|

  16. Hi my family member! I wish to say that this article is amazing, great written and come with approximately all vital infos. I would like to look more posts like this .|

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.