Mobile money in Nigeria

// By

Mobile money is a fast and easy way of transferring money. You can also do this internationally against low costs. Mobile money is slowly but steadily being adopted in Nigeria. It’s not as big as M-Pesa in Kenya and other countries, but it’s growing.

The Central Bank of Nigeria has suspended international money transfers to mobile wallets in Nigeria. This is because of a new regulation that only allows US dollar payout for remittances in the country. The suspension will improve visibility of US dollar remittance flows.

According to International Finance mobile money is seeing steady growth in Nigeria, even though cash transactions continue to be the most preferred choice for Nigerians.

Currently, there are 21 licensed mobile money services providers in the country. Paga, which was launched in 2009, continues to dominate the market with more than 8,000,000 users.

Read more