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ABDULLAHI: EXECUTIVE ORDER 5 WILL BOOST FINTECH DEVELOPMENT

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The Minister of State for Science, Technology and Innovation, Barr. Mohammed H. Abdullahi said that the Executive Order.5 will help the development of indigenous financial technology services (FINTECH), which will help reduce capital/intellectual flight and improve Nigeria’s socio-economic fortunes.

The Minister said this when he received the Chairman of the Committee of e-Banking Industry Heads, (CeBIH) Mr. Adeyemi Atanda and his Team in his office on Tuesday in Abuja. He opined that among other steps, Fmst Nigeria will support the Central Bank of Nigeria’s ongoing efforts to roll out the e-Naira digital currency as that will strengthen homegrown cashless e-commerce culture and also encourage indigenous innovations in the FinTech space. He called on CeBIH to sponsor R&D on Artificial Intelligence powered solutions to drive inclusivity.

The Committee is an advocacy group that contributes to the growth, stability and sustainability of the payment systems in Nigeria.

Barrister Abdullahi, said that the Ministry will support the development of financial systems in a transparent and inclusive manner.

He added that an elaborate and elastic policy framework would be developed to accommodate FINTECH development in Nigeria in the ongoing efforts to review the #STI Roadmap.

Earlier, the chairman, Mr. Adeyemi Atanda said the Committee seeks to work closely, share thoughts and look for ways to develop an inclusive roadmap on FINTECH development with the Ministry.

He further stated that they are partnering on capacity building in development of STEM (Science, Technology, Engineering and Mathematics) by infusing aspects that will help youths embrace FINTECH.

Maryam Zakari

SIO

Press (FMSTI)

21st September,2021

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