Nigeria: mobile money struggles to find its brands

Apr 19, 2018 | Financial Afrik

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. Source: Financial Afrik