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Global

Nigerians Bury Cash In Backyards As Mobile Money Stumbles

“Less than 6 percent of Nigerians use their handsets to transact using mobile money, compared with 73 percent of Kenyans, where more than two-thirds of adults have a bank account, according to the World Bank. That’s even though there are more than two phones for every bank account in the West African nation.”
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Global

Unimpressive Growth in Mobile Payments

“The CBN data show that 120 million PoS transactions were recorded in H1 2018, representing an increase of 103% y/y. The volume of point-of-sale (PoS) transactions indicates the impact of the CBN’s cashless policy on the economy. Meanwhile, mobile payments amounted to 28 million transactions valued at N495bn (US$1.6bn) in H1 2018. The volume of transactions […]
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Global

Nigeria Is Finally Turning to Telcos to Drive Financial Inclusion Through Mobile Money

“The regulatory caution and conservatism often blamed for holding Nigeria back finally looks set to change with the central bank reversing a longstanding stance on declining to issue mobile money licenses to telecoms operators. In the wake of the central bank’s change in tack, MTN, Nigeria’s largest telecoms operator, with more than 60 million customers, […]