Home Business Central Bank of Nigeria Will Sign A Really Expensive Deal With NIGCOMSAT

Central Bank of Nigeria Will Sign A Really Expensive Deal With NIGCOMSAT

by Caroline Vutagwa
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Central Bank of Nigeria (CBN) made it public that to will sign a multi-billion naira contract with the Nigerian Communication Satellite (NigComSat) Limited to provide real time internet connectivity for the entire banking industry in Nigeria.

The CBN governor, Mallam Sanusi Lamido Sanusi said that the contract with NIGCOMSAT will create hotspots in the 774 local government areas in Nigeria for flawless internet connectivity through satellite.

The CBN governor explained that all financial access points in the country would have dedicated hotspots through dedicated access points for the benefit of the banks and their customers. He also said that the service would be available in many primary and secondary schools.

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

On the biometric solution platform, the CBN helmsman said: “whenever you enter a bank henceforth, irrespective of the location, transactions will be done with finger prints. Apart from being almost foolproof, it is expected to minimize the incidents of fraud and “in a few years, we will have a banking industry that is not only efficient but an industry to be proud of.”

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