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Mobile Money uptake lukewarm in Nigeria

15 August 2013, 09:00

Lagos - About 60 percent of the Nigerian population are unaware of Mobile Money,  two years after the introduction of the service.

This according to the latest Mobile Money Services Snap Poll NOI Polls conducted.

NOI Polls is Nigeria's leading opinion polling and research organisation which works in partnership with the United States-based Gallup Organisation (USA) to develop opinion research in Nigeria.

The latest poll, which establised 59 percent of Nigeria's population of more than 160 million was unaware of Mobile Money, was conducted to explore the current level of awareness of the services among Nigerians, determine the present rate of adoption and potential for the future.

Analysis based on geo-political zones according to the study, showed that the South-South (54 percent), South-West (46 percent) and the North-Central (43 percent) zones have the highest proportions of respondents who are aware of Mobile Money services.

Conversely, the North-East (70 percent), South-East (64 percent) and the North-West (63 percent) zones account for the highest proportions of respondents unaware of the service.

According to the results of poll, only 13 percent of those that are aware of Mobile Money currently use it.

The poll also showed that an overwhelming majority (93 percent) of those that use the service, operate their mobile money account in connection with their bank accounts.

A key finding of the study indicated a positive experience by the users highlighting ease of use, security, cost saving and time saving as factors that enhance this experience.

In the report, 71 percent of non-users say they would consider using Mobile Money services in the future.

The Central Bank of Nigeria (CBN) introduced Mobile Money services to provide basic financial services and create payment access especially to Nigerians without bank accounts, as well as to help drive financial inclusion in the country.

In August 2011, CBN licensed 16 banks and other financial institutions were to establish the service throughout the country.

- CAJ News



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