Nigerian banks, MNOs urged to improve investment in mobile money
Friday, January 24, 2014
Banks and other mobile money operators have been advised to significantly increase their investment in mobile money technology so as to encourage more users of that means of money transfer.
A Lagos-based research and consulting firm, Ciuci Consulting, stated this in a report titled: “Making Mobile Money Move: Keys to Accelerating the Growth/Development of the Mobile Money Industry in Nigeria.”
For instance, it showed that Safaricom invested over $30 million into M-Pesa, Vodacom spent $25 million, while MTN Uganda invested about $10 million in its initial investment in that space.