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TMCNet:  Financial Inclusion - CBN to Provide Internet Access to 774 LGAs

[February 17, 2014]

Financial Inclusion - CBN to Provide Internet Access to 774 LGAs

(AllAfrica Via Acquire Media NewsEdge) The Central Bank of Nigeria (CBN) is to invest in internet hotspots across the 774 local government areas in Nigeria.

The CBN Governor Sanusi Lamido Sanusi who disclosed this at the launch of the Bank Verification Number (BVN) otherwise known as the biometrics data system for banks yesterday in Lagos, said the CBN will be working with the Nigerian Communications Satellite (NIGCONSAT) to deliver internet hotspots to dedicated financial access points in all local governments as well as dedicated primary and secondary schools in Nigeria. "In the next two weeks, on the 27th of February, the CBN will present to the Board for approval a contract with NIGCOMSAT and drop satellite with MainOne for internet access in all local governments in Nigeria (774)" he said. He explained that "for the initial four years, the CBN will pay for the internet thus, it will be free and there will be dedicated internet lines to all financial access points - POSs and ATMs even in the villages. We will also provide dedicated lines to every primary school or secondary school in hotspots" he said.


Speaking on the import of the biometric launch, Mallam Sanusi noted that in the next two years, Nigeria will have an industrial sector that is efficient. "With the biometrics, the cashless policy and agent banking, it's a network of limitless opportunities... If we make biometrics the basis of whatever we do, then it will be easier to standardize, easier to reduce cost and more efficient. We will deliver services at lower cost, enhance customer service and ensure access to cheaper credit" he said.

He said within 18 months, every single customer should have his or her biometrics taken so by the end of 2015, everything should have been done.

He assured that "your identity is safe; you don't need to cram passwords and all. No one can steal your identity because it works with my fingers only." Copyright Daily Trust. Distributed by AllAfrica Global Media (allAfrica.com).

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