Mobile Money Report- Current Trends in Mobile Money in Nigeria

Examining reasons for low mobile money penetration in Nigeria

This paper presents the findings of a mobile money survey conducted in Nigeria. It states that Nigeria demonstrates its potential for mobile money due to the fact that there are more Nigerians with mobile phones than bank accounts. However, since its inception, mobile money has had little impact in the country. Therefore, a study was conducted to understand the usage, level of adoption, and why more people are not using the mobile money platform as a means of exchange. The survey conducted was quantitative in nature and was administered to 1987 respondents through manual and electronic means using survey questionnaires. Key findings include:

  • About 37% of respondents weren't aware of mobile money. Of those who were aware, 89% of them were earning more than one million Nigerian Naira. This shows that there appears to be a direct link between the level of earnings and knowledge of mobile money;
  • Majority of respondents, 71%, are not registered with any mobile money operator (MMO). Lack of information on mobile money services is the main reason for non-registration by respondents;
  • Due to inadequate understanding of the service, 31% of the total registered user have never used the service;
  • Around 30% of the respondents cited 'funds transfer' as the reason for using the service making it the most common reason for usage.

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