Only 1% of penetration rate, it is the sad score that realized the service mobile money in Nigeria after five years of activities in the country. A very low score that affects only about two million of Nigeria’s estimated 198 million people.
Meanwhile, Ghana and Kenya have penetration rates of 40% and 60% respectively.
According to some market observers, the bank-run model operated in Nigeria has not been able to adequately influence the initiative in the country. Nigeria currently hosts around 21 mobile money transfer operators, which include 15 non-bank operators and six banking operators who conduct business operations.
“Mobile money is nibbling at a one percent penetration rate in the country because it’s run by the banks. But in other regions, where the program is flourishing, it’s because it’s been run by mobile phone companies. As such, we need to redirect our attention and ensure that the right model is adopted appropriately, “said Executive Vice President of the Nigerian Communications Commission (NCC), Professor Umar Danbatta.
“If we want to improve Nigeria’s digital landscape, we need to relaunch the mobile ecosystem, which includes the mobile money system,” he said.
Trending
- Niger: Night of fire in Niamey, General Tiani faces a major attack
- Senegal: Moody’s downgrades rating to Caa2 amid negotiations with the IMF
- Banks in Togo: Orabank and Ecobank neck and neck in the Top 10
- Mali: $173.1 million in cooperation with the UN for the period 2027-2031
- South Africa: First green sovereign bond expected by March 2027
- Senegal: a Wärtsilä power plant to secure Diamba Sud and prepare for the post-carbon era
- Nigeria: Abundance of Liquidity Pushes Interbank Rates Down
- Tarkwa: The Financial Stakes of Gold Fields’ Lease Renewal in Ghana
