The Federal Ministry of Communication Technology (FMCT) of Nigeria has selected Infrastructure Investment Facilitation Company (IIFC) from Bangladesh as the transaction advisor for the Financial Inclusion PPP project.

According to Dr Tunji Olaopa, Permanent Secretary of the Federal Ministry of Communication Technology, the firm beat out competition from other five companies that were shortlisted. Mr. Olapa stated:

"A total of six companies were invited to submit proposals with the Infrastructure Investment Facilitation Company (IIFC), a company located in Bangladesh, emerging as the preferred candidate. IIFC will be working with its Nigerian consortium partner, the law firm of Abdulai, Taiwo and Company, to complete its assignment."

The project, which is a multi-agency initiative involving the FMTC, aims to use the network of post offices across the country to improve the access to financial services for the Nigerians.

The partnership have been signed by:

• The Central Bank of Nigeria (CBN),
• Nigerian Postal Service (NIPOST),
• the Bureau of Public Enterprise (BPE),
• Infrastructure Concession Regulatory Commission (ICRC) and
• the Public-Private Partnership (PPP) Department of the Federal Ministry of Finance.

According to Omobola Johnson, Minister of Communication Technology, the Financial Inclusion PPP project is expected to make a significant support towards the attainment of the country's financial inclusion target, with special impact in rural areas.