Nigeria set for mobile banking boom

Jan 23, 2012

Analysts have forecast Nigeria will soon become one of Africa's biggest mobile banking markets.

Analysts have forecast Nigeria will soon become one of Africa's biggest mobile banking markets.

According to Business Day, analysts expect around 20 million Nigerians will adopt mobile banking over the next three years.

In an interview with the news source, Director of Business Development at E-transact Sullivan Akala explained mobile banking has the advantage of being accessible anywhere.

"For ATMs and [point of sale], you will have to leave your homes and offices to perform a transaction. For web, you will need an internet connection," he remarked, adding mobiles are "the fastest way to promote financial inclusion" in the country.

Handsets can give the unbanked access to basic financial services and Mr Akala noted there are currently in excess of 80 million mobile phone subscribers in Nigeria who could take advantage of banking services.

Sanat Rao of Finacle Software has also predicted a surge in mobile banking, telling This Day last month that Nigerian banks should anticipate growth in mobile transactions during 2012 and 2013.ADNFCR-2976-ID-801272264-ADNFCR