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What are tech experts saying about the present and likely future of broadband in Nigeria? The President of the Association of Telecommunication Companies of Nigeria (ATCON), Olusola Teniola states that broadband has had a huge impact in one of the most important sector of the Nigerian economy – Banking sector.

“Through 107% telephone and 55% internet penetration, the banking sector has been hugely impacted by increased broadband penetration in the country. Today, telecommunications operators are increasingly seeking to expand customer-specific and value-added services (such as combining connectivity with application services) to retain relevancy and protect against margin erosion,” explained Teniola.

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There’s no argument about it, the banking sector in Nigeria has evolved greatly. The ease of access in doing major transactions while in the bank is incredible. Lest we forget, if the internet connection isn’t strong, bank transactions will be excessively stalled.

Another expert on the scene of technology, David Venn, CEO of ISP Spectranet sees more broadband penetration into the Nigerian system as an avenue for development in the nation’s economy and banking sector.

“Through broadband, you have access to all the knowledge on the Internet, can run global businesses from anywhere and can reach customers across the globe,” Venn said.

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He added, “If we look three to four years ahead and imagine that most towns and cities in Nigeria have broadband, then an important enabler for this would be the availability of a national fibre network connecting all places to the submarine landing stations in Lagos.”

While suggesting that a national fibre network should be on the agenda of Nigeria, especially Lagos, Venn stated that the fibre network will be a great asset to the nation.

“But for such an operation to make meaningful progress, it should be empowered to build the infrastructure without hindrance and fees imposed by state and other authorities. Such a network would be a huge enabler for the rollout of broadband and would become a key asset for the nation accelerating Nigeria’s drive towards an e-economy,” explained Venn.

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