The third edition of the Africa Cashless Payment System Conference in Lagos highlighted the crucial roles of insurance and telecoms in building a safer and more efficient cashless economy.
Soji Oni, Controller of Technical at the Nigerian Insurers Association, emphasized the need for increased compliance with building insurance regulations. He warned that the lack of adequate insurance coverage can lead to significant economic losses in the event of disasters or accidents.
Aminu Maida, Vice Chairman of the Nigerian Communications Commission (NCC), stressed the importance of robust telecommunications infrastructure in driving the adoption of cashless payments. The NCC’s National Broadband Plan 2020-2025 aims to provide high-speed internet access to both urban and rural areas, enabling seamless digital transactions.
Oluyinka Fayomi, Chairman of Foreign Investment Network UK, highlighted the transformative potential of a cashless economy, citing the success of initiatives like the cashless Lagos initiative. She emphasized the role of mobile money in driving financial inclusion across Africa.
By fostering a robust digital infrastructure and promoting insurance awareness, Nigeria can accelerate its transition to a cashless economy, reaping the benefits of increased financial inclusion, reduced crime rates, and enhanced economic growth.
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