CBN, NigComSatink deal on nationwide hotspots

…. Satellite company gets acting MD

The Central Bank of Nigeria has announced plans to ink a multibillion naira contract with Nigerian Communication Satellite (NigComSat)Limited. The contract will boost the apex bank nationwide cashless initiative and empower primary, secondary schools and the entire banking industry with real time internet connectivity.

This is coming just as a statement from the satellite company announced a ministerial directive asking the managing director, Engr. Timasaniyu Ahmed-Rufai to proceed on an indefinite leave. The move will pave way for an investigation into the financial health of the company. Ms Abimbola Alale, the executive director (Marketing) is acting managing director, pending the conclusion of the investigation

The CBN digital initiative contract with NigComSat will create hotspots in all the 774 local government areasin Nigeria for seamless Internet connectivity via satellite. All financial access points in the country will have dedicated hotspots through dedicated access points for the benefit of the banks and their customers.

The apex bank Governor, Mallam Sanusi Lamido Sanusi who made the announcement in Lagos during the launch of Bank Verification Number Biometric Solution also said many primary and secondary schools across the 774 council areas in the country will be fitted with Internet hotspots for digital empowerment of Nigerian youths and future leaders.


Although the connection to schools shall be part of the Corporate Social Responsibility (CSR) of the apex bank, Sanusi added that “every Nigerian bank will be connected to the platform whether the banks are located here in Nigeria or elsewhere in the global community. It will enable customers’ access to online real time banking services whether they live in the villages of Bayelsa or desert environment in Yobe States.”

On the biometric solution platform, the CBN Governor said whenever you enter a bank irrespective of the location; transactions will be done with finger prints. It is also expected to minimize the incidents of fraud. “In a few years, we will have a banking industry that is not only efficient but an industry to be proud of,” he added.

With this initiative, mobile money will be available on customers’ finger tips, as CBN has also initiated collaboration with the Ministry of Communications Technology, the Bankers Committee, Chams Plc and the immediate past Deputy Governor in charge of Operations Mr Tunde Lemo and a German Company, Dorman Long. The CBN is expected to fund the Internet connectivity in the first four years, and all those who would receive Internet services through the designated nationwide hotspots will do so free of charge.


More in News

You may also like