Nigeria: The Bill and Melinda Gates Foundation grants more than €8m to boost mobile banking usage

Mar 13, 2014

The Bill & Melinda Gates Foundation has granted $12 million (€8.6 million) to the mobile payment solution from First Bank of Nigeria called Firstmonie, in a bid to boost Nigeria's financial inclusion.

The Bill & Melinda Gates Foundation has granted $12 million (€8.6 million) to the mobile payment solution from First Bank of Nigeria called Firstmonie, in a bid to boost Nigeria's financial inclusion.

The grant will help deepen mobile banking penetration in Nigeria amongst the underbanked and those with low
incomes, Vanguard reports.

CBN's Director of Banking and Payment Systems Dipo Fatokun said during a conference last September in Washington that the use of mobile payment platforms in the country is gaining a lot of ground in Nigeria.

He added there was an ongoing agreement between the CBN and mobile network operators to ensure sustainable and "hitch-free"
transactions
of mobile payments within the economy.

The total value of mobile payment transactions in Nigeria reached N64 billion (€305 million) en 2013, according to CBN figures. There are currently 18
licensed
mobile payment operators in the country.ADNFCR-2976-ID-801702754-ADNFCR