Nigerians Have Been Slow To Adopt Mobile Payments

From AFK Insider –

“Nigerians have been slow to adopt mobile payments and the government should work with service providers to launch a massive awareness campaign, a stakeholder said, according to a report in TheGuardianNigeria.

Mobile payments help foster financial inclusion, facilitate economic activities and deliver on jobs and economic growth, said Onajite Regha, CEO of the Electronic Payment Providers Association of Nigeria.”

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Three top benefits of mobile payments in Africa

From Mobile Payments Today –

“The growth of mobile-payment systems in continental Africa is skyrocketing at an astounding rate.

In 2002, only 3 percent of people in the entire continent had mobile phones; by 2010, that had increased to 48 percent. Last year, 70 percent of the continent’s population had a mobile phone and the number is still climbing.

These are not smartphones; these phones have no bells, whistles, or apps. What they do offer their owners is access to goods and services without the need for cash, credit cards, or even a checking or savings account. Indeed, while numerous individuals in many African countries do have mobile phones, they do not have bank accounts.”

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Banking Africa’s Unbanked Population is Not the Solution to Improved Inclusion

From Ventures Africa –

“Banking Africa’s unbanked population–adults who don’t use formal banks or semi-formal microfinance institutions to save or borrow money–may not be the solution to providing wider access to financial products and services.

“One of the obstacles to providing wider access to financial products is that financial services institutions are stuck in a paradigm that suggests that “banking the unbanked” is the solution. If the problem is framed differently then financial service providers can change tack in delivering real solutions to the financial inclusion challenge,” says Frans Prinsloo, Managing Director at Hollard International, South Africa’s largest privately-owned insurance group.”

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Sub-Saharan Africa's Mobile-Money Market Could Grow to $1.5 Billion by 2019

From Market Wired –

“Revenues Will Grow as Africa's "Unbanked" Use Their Phones to Pay Bills, Save Money, and Take Out Loans; As This Trend Takes Hold, There Will Be Opportunities for Both Banks and Mobile Network Operators, According to a Study by The Boston Consulting Group.

Sub-Saharan Africa is adopting mobile financial services at a pace seen in few other places, presenting banks and mobile-network operators (MNOs) with a set of strategic choices that will go a long way toward determining their success in the region.”
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