NIGERIA :Mobile Money Transactions To Hit N151bn By 2015

LEADERSHIP NEWSPAPER

January  3, 2013

 

Mobile money acceptance and remittance is gradually growing in Nigeria with total transactions in 2012 reaching N228 million and is expected to increase to N151 billion by the end of 2015 according to latest statistics released by the Ministry of Communications Technology.

Minister of Communications Technology, Mrs.Omobola Johnson, said the figures showed that verified mobile money agents currently stand at 3000 and is expected to increase to 50,000  by 2015. The statistics also revealed that while total volume of non-store shopping increased from N62 billion in 2011 to N77.5 billion in 2012, this figure would  increase to N658 billion by 2015.

Mobile money has lagged in the country since it was officially introduced by the Central Bank of Nigeria (CBN) in November 2011, through the issuance of licences to several companies including banks, electronic financial transaction (EFT) companies and microfinance banks. It has however, not caught the attention of mobile phone subscribers just like the early days of mobile phones.

Mobile money transactions (MMT) target the unbanked community who do not have bank accounts. Mobile money allows its users to remit money to family and friends mainly from urban to rural areas. Out of a population of 167 million people in Nigeria only 26 million Nigerians have bank accounts.

General Manager, Sales and Distribution, MTN Nigeria, Mr. Richard Iweanoge, said in the next two years, mobile money points of service would be as ubiquitous as we currently have points where airtime is sold. It would be as common as the points where you could buy airtime. “At the moment we have seen close to 20,000 people registering on a daily basis for the service.

It is astronomical considering that we just started and also considering that not too many people know about it and understand what it is all about. To get this high number of people registering every day is significant. My view is that people are enthusiastic and they seem to want it and I think in the long run, it will be a success,” he said.

comments powered by Disqus

Stay Connected

  • Follow us on

Download


MobileMoneyexpo


Winners


Unbanked Tv

Featured Companies

  • Global mobile financial services technology provider.
  • A complete mobile money solution for mobile money providers in emerging markets.
  • Serves both mobile and e-payment needs in the Nigerian market place.
  • splash is Sierra Leoneís first mobile payment system.
  • Teasy is an innovative Nigerian based mobile payment company
  • EASY, INSTANT and CONVENIENT way of sending cash at ANYTIME, ANYWHERE, to ANYONE on ANY NETWORK

MobileMoney Jobs


Featured Events

  • 10-11 July,2013 Accra - Ghana.
  • AfricaCom 12-14 November 2013 CTICC Cape Town South Africa
  • May 27 -29 Hyatt Regency Johannesburg, Johannesburg, South Africa.
  • MobileMoneyExpo, LAGOS Feb 12th & 13th, 2014 Nigeria

Gallery

  • B
  • Stanbic MobileMoney Agent at Shoprite
  • Stanbic MobileMoney Stand at Shoprite
  • Visit to Management of Comviva,India
  • Agency field work with FortisMM, Ibadan
  • Agency activities with FortisMobile,Ibadan
  • EazyMoney Agent training, Lagos state
  • EazyMoney Agent training, Oyo State.
  • EazyMoney Agency Training, Edo State
  • EazyMoney Agent Training
  • Group visit to Tigocash,Ghana
  • TigoCash Agent branding stand, Accra
  • TigoCash Agent outlet, Accra
  • Tariff Table, TigoCash Ghana.
  • Field work in Enugu State.
  • Agent in Enugu State.
  • Agency Field work in East of Nigeria.
  • Merchant ID
  • Splash MobileMoney Call Center Team
  • Agent group Training, Lagos
  • Agent group training, Lagos
  • Splash MobileMoney, Sierra Leone
  • Visit to Splash MobileMoney, Sierra Leone.