Nigeria must tap mobile money opportunities – Expert


A technology entrepreneur, Eniola Adenuga, says current global trends suggest that mobile money has the potential to make a significant contribution to Nigeria’s economy.

According to him, with the proliferation of technology around the world, there is still a significant economic disparity in Nigeria, a disparity that can be bridged by leveraging technology through telecommunications.

He noted that across the world’s emerging economies, McKinsey reports that two billion individuals and 200 million small businesses in these regions today lack access to formal banking services such as savings, investments or access to credit, a reality that makes them vulnerable to predators. lenders and other concerns.

He said, “When you look at the number of people who have active bank accounts and you look at the number of people who have active mobile lines in Nigeria, you see there is a huge gap there, and where there are gaps, there are opportunities to be seized. »

The National Bureau of Statistics reported in the fourth quarter of 2021 that the number of Internet subscribers in Nigeria had risen to 154.3 million, a figure that surpassed the 79.3 million active bank accounts registered in Nigeria in 2019.

Over the past 10 years, mobile money has grown in some regions as an effective tool for financial inclusion.

In several markets, it serves as a traditional financial service helping millions of people transition from an informal cash economy to a thriving digital economy.

There are now approximately 316 live mobile money deployments in 98 countries around the world. About 10 years ago, that number was 169 in 71 countries.

Eniola, who is also the founder of VTel, agrees that more and more people are being captured and enjoying the benefits of a digital ecosystem.

According to him, VTel, as a digital service provider offering e-commerce and digital value-added services, has also enabled people to transact more often using digital channels more than ever.

Citing the remarkable successes of M-Pesa in Kenya, Eniola said more could be achieved in Nigeria through mobile money.

“With mobile money, people can easily send and receive money, even in the most remote villages. No one is left behind and everyone can enjoy the immense benefits of a digitized country and economy,” he said.

With transaction values ​​hitting the trillion dollar mark in 2021, mobile money has reached a milestone faster than expected for the industry.

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