Johannesburg - An expert in the mobile money sector has projected a boom in the industry in Nigeria.
Rajiv Bhatia, Head of Mobile Commercial Sales (EMEA) at Ericsson, the Swedish multinational provider of communications technology and services, based his projections on the fact Nigeria was the biggest economy in the continent.
The country is also the biggest in Africa in terms of population size, at more than 173 million, he pointed out.
“As such, the prospects are phenomenal. The potential is huge," Bhatia said in an interview with CAJ News.
Bhatia also projected the country’s Super Agent model to regulate the sector would also reap dividends.
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After seeing the virtual monopoly created by Safaricom’s MPESA in Kenya, the Central Bank of Nigeria decided, through the model, to only allow bank-led and non- mobile network operators led third party operators to operate mobile money services in Nigeria.
CNB felt that a dominant MNO-led mobile money issuer could quickly create a monopoly and pose a systemic risk for the country.
“This will have a significant impact in the adoption of mobile money services in the country,” said Bhatia.
Bhatia was speaking in Johannesburg, South Africa at the ongoing Mobile Money and Digital Payments Africa conference.
Mobile money generally refers to payment services operated under financial regulation and performed from or via a mobile device. Instead of paying with cash, cheque, or credit cards, a consumer can use a mobile phone to pay for a wide range of services and digital or hard goods.
- CAJ News