Nigeria: Stakeholders Raise Concern Over Slow Adoption of Mobile Money

Thursday, June 19, 2014

Stakeholders at the ongoing Card, ATM and Mobile Expo, which opened in Lagos on Tuesday, have raised concern over the slow adoption of the mobile money payment system in the country.

Mobile money is supposed to be a strong driver for cashless initiative.

Experts in the financial sector that gathered for the exhibition and conference, organised by Intermarc Consulting, were worried that little attention is being given to mobile payment system in the country. They insist that the system will drive cashless initiative and afford Nigerians the ease and comfort in using mobile phone technology in all financial transactions, including payment of utility bills.

To this end, they called on Nigerians to adopt mobile money as fast as possible, while asking government to create more awareness campaign on the benefits of mobile money.

Attributing the slow adoption rate to lack of trust for mobile money in the country because of its relatively new technology in Nigeria, the Chief Executive Officer of eTranzact online payment platform, Mr. Valentine Obi said there was need for Nigerians to heartily welcome mobile money, despite its late launch into the Nigerian market.

According to him, ” mobile money is new in Nigeria but it remained the best platform to drive the cashless policy initiative of the Central Bank of Nigeria. Mobile payment is part of the cashless initiative, but we have few merchants nationwide and operators are still training to build a wide network of merchants to address the challenges.”

Source: AllAfrica (link opens in a new window)

Categories
Entrepreneurship
Tags
impact investing, mobile finance, mobile money, social enterprise