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
- Ivory Coast raises 220 billion CFA francs on the UMOA financial market
- Cameroon: How the diaspora bond can transform expatriate savings into a growth engine
- Dr. Marc Onana Ombé: “Diaspora bonds are less subject to financial market volatility”
- Guinea: Oury II Government Facing the “Refoundation” Test
- CEMAC: Devaluation of the CFA Franc Considered Unlikely in the Short Term, According to S&P
- Droughts and floods: the climate bill could cost Tunisia up to 1.9% of GDP
- Senegal: CBAO Attijariwafa Bank wins its banking dispute against INGECO SA
- “Major energy projects cannot be carried out without PPPs,” says Kaba Boubacar, CEO of Vitach Guinea
