Improving Mobile Money Usage in Nigeria
As the largest among the fast-growing economies of Africa, Nigeria is a promising market for mobile financial services. More than 80% of adults have access to a mobile phone and over 20 licensed operators provide services. Yet mobile money has not taken off as expected, though almost 57% of Nigerian adults have no access to formal financial services. The low rates of banking participation are not due to a lack of interest. In fact, 84% of those who have never had a bank account report that they would like one. So what accounts for this disconnect?
New research conducted by Grameen Foundation, in partnership with the MasterCard Center for Inclusive Growth, shows that user experience is a major factor in the stunted growth of mobile money services, especially among poor users with limited or no formal banking experience.