The Nigerian Electricity Regulatory Commission (NERC) has stated that it is prepared to explore financial technology options for the Nigerian Electricity Supply Industry. This came after the management of eTranzact International Plc paid a courtesy call to the Commission's Abuja offices. NERC Chairman Musiliu Oseni welcomed the team and reiterated the Commission's commitment to advancing technologies that can improve service delivery and operational efficiency in the Nigerian Electricity Supply Industry (NESI).
According to Oseni, technology-driven payment options could boost market liquidity and enhance the electrical industry's overall performance. Niyi Toluwalope, the Managing Director and CEO of eTranzact, headed the delegation that showcased a range of fintech technologies created especially for the power industry.
Along with other digital payment and settlement systems targeted at increasing market efficiency, a platform that would allow electricity consumers to buy power and make payments in installments was one of the options emphasized.
In order to increase revenue assurance, fortify payment structures, and promote the long-term viability of the power market, both organizations indicated a desire to investigate cooperative avenues that would make use of financial technology.
According to NERC, the project is in line with its duty under the Energy Act 2023 to advance an open, dependable, and efficient energy market. The Commission is the independent regulator in charge of monitoring the Nigerian Electricity Supply Industry's interstate electricity market and associated operations.
For its part, eTranzact International Plc is a Nigerian fintech company that supports companies and public sector organizations by offering digital payment infrastructure and electronic invoicing solutions.
