According to the Executive Vice Chairman of the Nigerian Communications Commission, NCC, Prof Umar Garba Danbatta, over $70 billion have been invested in telecommunications infrastructure deployment in Nigeria since the liberalisation of the industry in 2001.
Danbatta while delivering the Bullion Lecture 2021 Edition organised by the Centre for Financial Journalism (CFJ), Lagos said:
“Today, the number of active telephone lines being used by Nigerians has significantly increased from about 400,000 in 2001 to over 204 million as of December 2020.
“Closely linked with this, is the effort of the Commission in ensuring that all Subscriber Identification Module (SIM) cards in the country are properly registered.
“As pointed earlier, as of December 2020, there were over 204 million active mobile SIM numbers across licensed mobile networks in the country. To this end, the NCC ensures regular audit of the subscriber database of the MNOs to ensure there are no anonymous mobile subscriber on their networks”.
“This effort has helped to improve the customers’ Know Your Customer (KYC) in the financial services. Indeed, the mobile number has become a requirement for accessing financial services and helped to enhance confidence in the system.
” NCC is working to ensure proper harmonisation of subscriber data into the national citizen database being statutorily managed by the National Identity Management Commission (NIMC).
“More importantly, the ongoing SIM-NIN Linkage exercise will further improve credible identity management for national planning purposes, socio-economic transformation and for other legal commercial activities.
“Also, to bridge the current access gaps and in order to provide enough SIM numbers that can be used by Nigerians in this era of new and emerging technologies, where most devices and things would be connected within the Internet of Things (IoT) ecosystem, requiring more SIM cards to be used, the NCC, as a proactive regulatory agency, has developed a new numbering plan (NNP) that will serve the needs of 500 million connected Nigerians for the next 30 years.
“The NNP would, among others, help to provide numbers that would satisfy the needs of the projected one billion globally-interconnected machines and devices by 2050; promote efficiency in the allocation of the scarce national resource; promote competition among service providers; and eliminate the risk of running short of all categories of numbers.
” No doubt, the financial services sector will benefit hugely from this regulatory measure, as it will facilitate the introduction and development of innovative services across different sectors of the economy with the financial services sector being one of the beneficiaries.
“In conclusion, permit me to reiterate that while 1.7 billion adults worldwide do not have a bank account, 1.1 billion among them have a mobile phone, according to ITU. As such, developing countries are capitalising on the widespread use of mobile phones and ICTs, in general, to bring all people within reach of financial services and out of poverty.
“As has been made abundantly clear in the lecture, digital financial services have great potential to give previously ‘unbanked’ people the ability to save, make payments and access credit and insurance allowing them to manage an irregular income stream, plan for the future, recover from economic shocks and natural disasters and find new ways to earn a living. ”