Banking the Unbanked! FG Commits To Affordable Digital Financial Services To The Unbanked.



Lanre Osibona, the Senior Special Adviser to the President on Information, Communication and Technology (ICT), restated the Federal Government’s commitment to bring affordable digital financial services closer to Nigerians who are unbanked or under-banked.

While delivering a keynote address at the Lagos Fintech Week, he mentioned it and added that digital financial services are vital in building a huge digital economy and government is determined in it’s commitment to use it in making financial services affordable to everyone irrespective of their gender and status.

He said that the rollout of digital identity to register all Nigerians and legal residents with a digital identity – the National Identity Number (NIN) was part of the government’s efforts to embark on the digital financial services, he stated.
This Week for Lagos Fintech is an invigorating week full of distinct Fintech events , exciting discussions, stimulating demos and insightful debates were all delivered at the event.

According to Osibona , “At our assumption of office we inherited the record of five million registered Nigerians and now, we have grown the number to over 37 million registered Nigerians”. For those who have registered, they can verify their NIN by typing *346# from their registered phone number.”  To ensure trust between the government and the citizenry, he also pointed out that the government has added a number of initiatives that which includes FEC’s approval of the Strategic Roadmap for Harmonisation of all silo identity agencies, privacy bill and developed Data Protection.
On the issue of Data Protection Agency,

Osibona said the Federal Government was expected to have set up an independent Data Protection Agency but it is currently in the National Assembly for final adoption before being signed into law.

Again, on the outcome of the cyber security network assessment initiative, the government is also developing a huge cybersecurity framework to combat any cyber attack on data network, he added.

In other to develop a strategy for e-commerce in the digital economy we have upgraded the National Identity Management Commission (NIMC) technology which helps to scale the number of records it can hold and work with a number of stakeholders and also the private the sector” he said.

He stated that, we must work together in developing policies and regulations that will address or solve the challenges of data sovereignty, data ownership and commercialisation of data as the country is determined not to lose out in leveraging the opportunities that the digital economy is bringing forth for our advancement.


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Credit: Techeconomy


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