Nigeria: Telecom operators set a financial inclusion committee to develop Mobile Money services

Oct 12, 2018 | Ecofin Agency

Last week, the telecommunications operators MTN, Airtel, Glo, 9Mobile and Ntel inaugurated the financial inclusion committee created in Nigeria to improve financial inclusion in the country.

This executive body is a response to the low adoption of mobile money in the country which has prevailed for the past five years. The market share of this service is below 10% and, during their meeting on September 4, 2018, the operators promised to take strong measures to accelerate the development of this segment of the mobile market.

The committee will operate within the Association of Licensed Telecommunications Operators of Nigeria (ALTON), and has defined a three step action plan. First, within the next three months, it will conduct an awareness-raising campaign in the whole country to develop Nigerians’ financial culture. The next step entails combining the mobile base of telecommunications companies, the different integrated identification systems, and the distribution networks to create a larger network which aims to achieve 80% financial inclusion by 2020.

In the short term, the committee plans to extend financial services to about 35 million Nigerians in the next 12 months. In the long term, it aims to serve 90 million Nigerians in 773 administrative zones. "The inauguration of this committee is a positive and necessary first step to achieving our goals of improving inclusion and literacy[…] The telecommunications subscribers database is the most comprehensive, our coverage is vast and this speaks to the potential that we have as a group to truly contribute to solving some of the challenges that have been faced so far ", Gbenga Adebayo, President of ALTON said.

 

Source: Ecofin Agency