Wednesday, 11 December 2013

CBN Plans Hotspot Creation For Internet Services

Abuja — The Governor of the Central Bank, Malam Sanusi Lamido Sanusi, says the apex bank will partner some satellite system companies to boost international telecommunication services in the country by creating hot spots.
Sanusi, who disclosed this at a meeting with a World Economic Forum Group in Abuja on Tuesday, said that the synergy would enhance implementation of financial inclusion in Nigeria.
The focus of the meeting was "Promoting Global Financial Inclusion: Overcoming Key Barriers through Public-Private Collaboration."

Sanusi identified lack of infrastructure as a major challenge to the implementation of the policy.
He said that the least expensive way of deploying products was technology, but said that the low level of internet penetration around the country remained a problem.

He also said that excessive reliance on telephone companies in the country had its problems "because in this country, telecommunication companies make a lot of money from Small Message Service (SMS)".
"But, the incentives to invest in order to have a bandwidth are limited unless it has additional commercial values.
"So, we have to figure out something and for example, one of the things we have figured out is to see if we can use some of the satellite companies to drop internet across the country".
According to him, the idea is to have internet services in each of the 774 local government headquarters in the country and to create hot spots.
The hot spots, he said, would help to create internet cafe, mobile agents, Point of Sales (POS) operations, Automated Teller Machines (ATM) operation, among others.
The apex bank governor said that financial inclusion would not be achieved without strong financial literacy and education to help people to take decisions on personal financial issues.
On efforts of the bank to ensure financial inclusion through Cashless policy, he said that there had been continuous progress with the policy.

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