Nigeria’s mobile money scheme crawls at 1% penetration
By Adeyemi Adepetun
After about five years of operation in Nigeria, mobile money has only been able to attract just one per cent penetration.
Unlike in Ghana and Kenya where penetrations have reached 40 per cent and 60 per cent respectively, only about two million of Nigeria’s estimated 198 million populations.
The implication of this is that despite the innovation that comes with it, Nigerians are yet to tap from the huge benefit it carries.
Market watchers have argued that the model operated in Nigeria, which is bank-led, has not been able to impact the initiative in the country adequately.
Nigeria is currently home to about 21 mobile money operators, which comprised 15 non-bank operators and six bank operators that have been carrying out commercial operations.
The Executive Vice Chairman, Nigerian Communications Commission (NCC), Prof. Umar Danbatta, at an interaction with journalists in Lagos, on Monday, lamented that mobile money is crawling at one per cent penetration in the country because it is bank-led.
- Inclusive Fintech