Kaduna State Governor, Senator Uba Sani, has advocated for the use of fintech platforms and financial inclusion in Northern Nigeria.
He stated that residents in Northern Nigeria should maximize the banking services offered by fintech platforms.
Sani seized the moment to explain the role he played in repositioning the banking and financial sector in Nigeria, which led to the creation of Financial Technology Companies (FINTECHs).
He disclosed this on Tuesday in Abuja while chairing and unveiling the “PocketMoni” product by eTranzact Plc, an event attended by Nairametrics.
Fintech Regulations and Financial Inclusion
Sani reiterated his commitment to addressing the exclusion of the poor, underserved, and vulnerable from financial services, “ensuring that they benefit from the social intervention programs of Kaduna State and the Federal Government.”
- He explained that this was why he signed an Executive Order on financial inclusion, months after sponsoring a bill that repositioned the financial sector.
“It is for that reason that upon assuming office as Kaduna State Governor, the first Executive Order I signed was on Financial Inclusion.
“I used the opportunity to shed light on the very important Bill I sponsored as a Senator in the 9th Senate, the Banking and Other Financial Institutions (Repeal and Re-enactment) Act, BOFIA 2020, which repositioned the banking and financial sector in Nigeria and led to the creation of Financial Technology Companies (FINTECHs).”
- He revealed that based on his executive orders, about 2.2 million residents have been captured in several fintech platforms.
“When I was elected as the Governor, the first thing I did was sign the Executive Order for Financial Inclusion. I’m happy today to announce that in the last eight months, we were able to capture about 2.2 million of our underserved, underprivileged, and vulnerable people who have been brought back to the financial services sector.
“Today, their accounts are open, and they are benefiting from social integration programs of both the federal government and the state government. That is why today I’m here to support what we are doing,” he added.
- On his part, Niyi Toluwalope, the Managing Director of eTranzact, said that the financial technology platform is aimed at empowering customers with smarter, simpler payments for diverse lifestyles and businesses.
“Our secure, flexible solutions are thoughtfully designed by the best in the industry for guaranteed hassle-free payment acceptance and processing, and that is one of the reasons we are here to unveil our latest innovative solutions, the Credo and PocketMoni,” he said.
- He assured that eTranzact will continue to serve as a multi-application and multi-channel electronic transaction switching and payment processing platform.
What You Should Know
Nairametrics reports that “The Banks and Other Financial Institutions Act (Repeal and Re-enactment) Bill 2020,” was passed by lawmakers 4 years back.
Sani, who sponsored the bill had explained that the bill sought to update the existing Act and bring it in line with global best practices following challenges associated with COVID-19 lockdown and the need to strengthen the banking sector.
Some of the objectives of the bill were as follows:
- To update the laws governing Banks, Financial Institutions, and Financial Services Companies.
- To better clarify and accurately delineate the regulatory functions of the Central Bank of Nigeria in the financial services industry.
- To regulate the activities of Financial Technology Companies (FINTECHs).
- To update commensurate penalties for regulatory breaches in the financial services sector and ensure these penalties are stiff enough to serve as deterrent to potential breaches.