There are just over about 400,000 mobile money subscribers in Nigeria a recent survey has revealed.
Carried out by Enhancing Financial Innovation and Access (ENFINA), a financial sector development organization that promotes financial inclusion in Nigeria, the survey stated that though about 4.8 million adults are aware of mobile money, only 400,000 people actually have registration with mobile money agents.
The most popular use of mobile money in the country is to buy airtime (32.9% usage rate) while the second most popular use is for money transfer (28% usage rate). In addition, about 21% of Nigerians using mobile money use it to receive money while about 17.4% of people use mobile money to pay bills.
Notably, the Nigerian Inter-Bank Settlement System PLC also noted recently that the number of point of sales terminals in Nigeria increased from about 31,000 to 185,000 from January to November 2012, a 429% increase. The number of debit/credit cards issued in the country also increased by about 50% between December 2011 and July 2012.
According to EFInA’s Chief Executive Officer, Ms. Modupe Ladipo, about 48.1 million adults could be encouraged to use mobile money in their day to day lives in Nigeria.
“The top factors, which would encourage them to use mobile money include understanding how mobile money works, having a mobile money agent close to residence/place of work, feeling mobile money is safe and when many people start using mobile money,” she said.
The survey which was carried out using the FinScope methodology was implemented by the National Bureau of Statistics and AC Nielson Nigeria. It was based on nationally representative sample of Nigerian adults (aged 18 and older) across 36 states. The survey was administered in Hausa, Yoruba, Igbo and Pidgin English with a sample size of about 20,000 Nigerians.