Nape Nnauye, the Information, Communication and Information Technology minister made this observation over the weekend at the signing of a memorandum of understanding (MoU) between the ministry and the NMB Bank
Asserting that the sixth phase government was striving to put in place a conducive policy and regulatory environment with supportive infrastructure to spur digital economy’s growth and development, he said that the partnership with NMB Bank will help to promote the new thrust in economic activity.
He said digital technologies are an indispensable growth catalyst, as the ongoing digital transformation will improve service delivery and enhance productive activities, elevate partnerships with the private sector and other development partners.
Engagement of major companies in this drive is of utmost importance, he said, pointing at the MoU as an illustration of such collaboration. The partnership is a step in implementing a ten year (2024-2034) digital economy strategy, he stated, lauding NMB Bank for its e-readiness.
The corporate sector can similarly join forces with the government in advancing the steadily growing digital economy, he said, while Ruth Zaipuna, the NMB Bank CEO, said the MoU accords NMB the opportunity to increase its active role in the networked economy.
It will permit the bank to constructively contribute to national efforts in building a prosperous digital future, she said, underlining that its signing reinforces the good relations between the government and the bank,
NMB Bank is internationally recognised for adopting digital services and its innovation drive, she stated, expressing the view that the MoU “marks the start of a historic journey in the growth and development of the digital economy in our country.”
NMB has the requisite experience of working with the government and digital experts to craft and manage ICT systems, thus capable of aiding the ministry in promoting the digital economy, she stated
The MoU provides for collaboration in designing digital systems like social numbers for identification of customers and an electronic ‘know your customer’ (eKYC) protocol for customer verification to simplify the provision of online services, she explained.
The two parties will also work on a social data exchange platform, seen as an aspect of the ‘national enterprise service bus’ networking public and private sector institutions.
It will help to create a one stop centre for government online services, she specified, with the NMB Bank and the ministry cooperating in supporting innovators and entrepreneurs especially in the financial sector.
Innovation hubs that will be established by the ministry are intended to strengthen the digital economy, while its growth and development are a boon for NMB Bank and the entire financial sector, she stated.
Digital systems improve the delivery of financial services, with NMB having sustainably invested in advancing the new economy, working closely with the authorities in promoting ICT development, sheemphasized.
The bank has substantial investments to nurture digital talent and increasing staff ICT expertise and professionalism in current software development, she stated, pointing at the unfolding solutions industry and enterprise architecture, cyber security, systems administration plus data science and analytics.
Mohammed Khamis Abdullah, the permanent secretary, said before the signing of the MoU that already NMB and the ministry were collaborating in several digital development initiatives, including the ten year digital economy strategy, drafting the new national ICT policy and designing the electronic ‘know your customer’ (eKYC) system.
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