Telcos’ exclusion slows uptake in Nigerian mobile money business

Tuesday, October 1, 2013

Analysts have identified the exclusion of telecommunications operators from playing critical roles in the implementation of mobile money as a significant drawback to the uptake of the service two years after its launch by the Central Bank of Nigeria (CBN). The service is yet to catch on with the masses.

This development, according to analysts, is particularly disheartening considering the sector’s huge potential market size, expected to reach N1.1 trillion by 2015.

According to a recent poll by the Nigerian research firm, NOI, only 6 out of 10 Nigerians are aware of the service (59 percent), and of that number only 13 percent are actually using it.

Source: Business Day (link opens in a new window)

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financial inclusion, financial innovation, mobile banking, mobile money