Mobile banking uptake 'increasing significantly in Nigeria'

Dec 26, 2011

More people in Nigeria are adopting mobile banking, it has been claimed.

More people in Nigeria are adopting mobile banking, it has been claimed.

Vice-President and Global Head of Client Services for Finacle Software Sanat Rao told This Day that banks should be prepared for a significant growth in uptake among consumers.

This is because the handsets people already own are increasingly being used for financial transactions, particularly in Nigeria, which is preparing itself for the implementation of mobile money.

"Nigerian banks should expect high customer growth in mobile money transactions in 2012 and 2013. It is already happening in Nigeria, South Africa and most parts of the world," Mr Rao continued.

He predicted this form of accessing credit could become more popular than internet banking and therefore financial institutions need to address their infrastructure accordingly.

This comes just after United Bank for Africa and Stanbic IBTC announced they will be running their mobile money services on the Globacom network, which should support Nigeria in its bid to introduce cashless policy, the Daily Trust reported.ADNFCR-2976-ID-801247724-ADNFCR