Tuesday
May 8
2018

What’s the future of mobile payments in Nigeria?

By Emmanuel Abiodun

In Nigeria, cash still reigns supreme as the major tool of transactions.

This is partly due to the fact that developments in technology and the scope of digital financial services offered by banks and institutions have only developed vastly over the last 10-15 years.

Typically, individuals who live too far away from the closest bank available, either store money in cash or engage in community banking and other local solutions.

In March 2018, the Central Bank of Nigeria shared its vision to achieve at least 80% financial inclusion by 2020.

Photo courtesy of Institute for Money, Technology and Financial Inclusion.

Source: The Guardian Nigeria (link opens in a new window)

Categories
Finance
Tags
digital payments, financial inclusion, financial services, fintech, mobile banking, mobile finance, mobile money